Geode Capital Management LLC Acquires 96,924 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Geode Capital Management LLC raised its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 6.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,510,926 shares of the company's stock after purchasing an additional 96,924 shares during the period. Geode Capital Management LLC owned approximately 1.03% of Immunovant worth $43,085,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV boosted its stake in shares of Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company's stock valued at $55,000 after purchasing an additional 612 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock valued at $148,000 after purchasing an additional 934 shares during the period. Assetmark Inc. grew its holdings in shares of Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company's stock worth $82,000 after purchasing an additional 1,228 shares during the last quarter. Quest Partners LLC increased its stake in shares of Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company's stock worth $69,000 after buying an additional 1,786 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in Immunovant by 5.6% during the 2nd quarter. Squarepoint Ops LLC now owns 49,288 shares of the company's stock valued at $1,301,000 after buying an additional 2,615 shares during the last quarter. Institutional investors own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Oppenheimer raised their price target on shares of Immunovant from $47.00 to $53.00 and gave the stock an "outperform" rating in a report on Wednesday, October 9th. HC Wainwright reissued a "buy" rating and issued a $51.00 target price on shares of Immunovant in a research note on Friday, November 8th. Wells Fargo & Company reduced their price target on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a report on Monday, September 9th. Finally, Raymond James reissued an "outperform" rating and set a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $47.22.

Insider Buying and Selling

In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the transaction, the chief financial officer now owns 338,614 shares in the company, valued at approximately $10,009,429.84. The trade was a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the completion of the sale, the chief executive officer now directly owns 1,003,884 shares in the company, valued at approximately $29,674,811.04. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock worth $2,096,890 in the last three months. 5.90% of the stock is owned by corporate insiders.

Immunovant Stock Up 1.2 %

Shares of NASDAQ:IMVT traded up $0.32 during trading on Tuesday, hitting $26.08. The stock had a trading volume of 908,488 shares, compared to its average volume of 1,068,167. The company has a market capitalization of $3.83 billion, a PE ratio of -11.75 and a beta of 0.64. The firm's fifty day moving average is $28.45 and its 200 day moving average is $28.76. Immunovant, Inc. has a 12 month low of $24.61 and a 12 month high of $45.58.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.15). During the same period last year, the company posted ($0.45) earnings per share. Equities research analysts expect that Immunovant, Inc. will post -2.73 EPS for the current fiscal year.

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.