Immunovant, Inc. (NASDAQ:IMVT) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lowered its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 4.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,049,679 shares of the company's stock after selling 52,189 shares during the period. Franklin Resources Inc. owned approximately 0.72% of Immunovant worth $30,903,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in IMVT. EFG Asset Management North America Corp. lifted its holdings in Immunovant by 23.4% in the 2nd quarter. EFG Asset Management North America Corp. now owns 58,070 shares of the company's stock worth $1,531,000 after buying an additional 11,000 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Immunovant by 12.6% in the second quarter. Bank of New York Mellon Corp now owns 250,339 shares of the company's stock worth $6,609,000 after acquiring an additional 27,960 shares in the last quarter. Rhumbline Advisers boosted its holdings in Immunovant by 9.7% in the second quarter. Rhumbline Advisers now owns 83,532 shares of the company's stock valued at $2,205,000 after purchasing an additional 7,363 shares during the last quarter. Quest Partners LLC boosted its holdings in Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company's stock valued at $69,000 after purchasing an additional 1,786 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Immunovant during the 2nd quarter valued at approximately $77,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Mark S. Levine sold 3,650 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $92,892.50. Following the sale, the insider now directly owns 319,228 shares in the company, valued at $8,124,352.60. The trade was a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Peter Salzmann sold 4,460 shares of the company'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 completion of the sale, the chief executive officer now directly owns 1,003,884 shares of the company's stock, valued at $29,674,811.04. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,659 shares of company stock worth $2,096,890. Insiders own 5.90% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on IMVT. Wells Fargo & Company reduced their target price on Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday. HC Wainwright reissued a "buy" rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Oppenheimer boosted their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 9th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a research report on Monday, September 9th. Finally, Raymond James reissued an "outperform" rating and issued a $36.00 price objective on shares of Immunovant in a report on Thursday, October 10th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant has an average rating of "Buy" and an average target price of $47.60.

Immunovant Stock Down 2.2 %

Shares of NASDAQ:IMVT traded down $0.59 during trading on Thursday, hitting $25.66. 1,244,815 shares of the company traded hands, compared to its average volume of 1,061,397. The business's fifty day moving average is $28.70 and its 200-day moving average is $28.73. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -11.56 and a beta of 0.64. Immunovant, Inc. has a one year low of $24.61 and a one year high of $45.58.

Immunovant (NASDAQ:IMVT - Get Free Report) last released 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 quarter last year, the business posted ($0.45) earnings per share. On average, analysts forecast that Immunovant, Inc. will post -2.73 EPS for the current 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.