Principal Financial Group Inc. Purchases 391,436 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Principal Financial Group Inc. lifted its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 69.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 951,124 shares of the company's stock after buying an additional 391,436 shares during the period. Principal Financial Group Inc. owned about 0.65% of Immunovant worth $27,117,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. increased its stake in shares of Immunovant by 64.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 28,151 shares of the company's stock worth $803,000 after buying an additional 10,991 shares during the last quarter. abrdn plc lifted its position in shares of Immunovant by 19.5% during the third quarter. abrdn plc now owns 478,757 shares of the company's stock worth $13,649,000 after purchasing an additional 78,035 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Immunovant by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock valued at $148,000 after buying an additional 934 shares during the last quarter. Bank Pictet & Cie Europe AG acquired a new position in shares of Immunovant in the 3rd quarter worth approximately $261,000. Finally, Exchange Traded Concepts LLC lifted its stake in Immunovant by 53.4% during the third quarter. Exchange Traded Concepts LLC now owns 27,122 shares of the company's stock worth $773,000 after purchasing an additional 9,438 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IMVT has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Immunovant from $51.00 to $46.00 and set an "overweight" rating on the stock in a research report on Thursday, August 8th. Oppenheimer raised their target price on Immunovant from $47.00 to $53.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 9th. HC Wainwright reiterated a "buy" rating and set a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Raymond James reissued an "outperform" rating and issued a $36.00 price target on shares of Immunovant in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a report on Monday, September 9th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $48.10.

Insider Transactions at Immunovant

In other news, CEO Peter Salzmann sold 4,460 shares of the business's stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $131,837.60. Following the sale, the chief executive officer now directly owns 1,003,884 shares in the company, valued at approximately $29,674,811.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Immunovant news, CTO Jay S. Stout sold 2,740 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $80,912.20. Following the completion of the sale, the chief technology officer now owns 142,186 shares of the company's stock, valued at approximately $4,198,752.58. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of the company's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,277 shares of company stock valued at $941,919. 5.90% of the stock is currently owned by insiders.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded down $0.42 during mid-day trading on Wednesday, reaching $28.85. 250,430 shares of the company were exchanged, compared to its average volume of 1,072,831. Immunovant, Inc. has a twelve month low of $24.67 and a twelve month high of $45.58. The company's 50-day simple moving average is $29.74 and its 200-day simple moving average is $29.01.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter last year, the business posted ($0.45) EPS. On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.67 EPS for the current year.

About Immunovant

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.