Franklin Resources Inc. Sells 65,616 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Franklin Resources Inc. trimmed its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 984,063 shares of the company's stock after selling 65,616 shares during the period. Franklin Resources Inc. owned approximately 0.58% of Immunovant worth $24,375,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. KBC Group NV raised its holdings in shares of Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company's stock valued at $77,000 after purchasing an additional 1,163 shares during the last quarter. Rhumbline Advisers raised its stake in Immunovant by 1.5% during the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock valued at $2,005,000 after buying an additional 1,188 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Immunovant by 1.2% during the 4th quarter. Swiss National Bank now owns 100,800 shares of the company's stock valued at $2,497,000 after buying an additional 1,200 shares during the period. Tyro Capital Management LLC boosted its stake in shares of Immunovant by 0.6% in the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company's stock worth $7,189,000 after buying an additional 1,529 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Immunovant by 4.0% in the fourth quarter. Sei Investments Co. now owns 40,456 shares of the company's stock worth $1,002,000 after acquiring an additional 1,541 shares during the period. Institutional investors own 47.08% of the company's stock.

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Insider Buying and Selling at Immunovant

In related news, CEO Peter Salzmann sold 28,094 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total transaction of $364,941.06. Following the completion of the transaction, the chief executive officer now directly owns 1,186,512 shares of the company's stock, valued at approximately $15,412,790.88. This represents a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jay S. Stout sold 2,195 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $51,780.05. Following the transaction, the chief technology officer now owns 139,991 shares of the company's stock, valued at $3,302,387.69. This represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,394 shares of company stock valued at $956,666 in the last three months. 5.90% of the stock is currently owned by corporate insiders.

Immunovant Trading Down 0.7 %

Immunovant stock traded down $0.11 during mid-day trading on Friday, hitting $14.68. The stock had a trading volume of 1,862,077 shares, compared to its average volume of 1,190,097. The firm's 50 day moving average is $18.57 and its 200 day moving average is $24.06. The firm has a market capitalization of $2.49 billion, a P/E ratio of -5.60 and a beta of 0.81. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). As a group, equities research analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Wells Fargo & Company lowered their target price on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. HC Wainwright reissued a "buy" rating and issued a $51.00 price objective on shares of Immunovant in a report on Wednesday, March 19th. Jefferies Financial Group initiated coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 target price for the company. Wolfe Research downgraded shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Finally, Bank of America cut their price objective on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $41.00.

Immunovant Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.