JPMorgan Chase & Co. Sells 28,586 Shares of Immunovant, Inc. (NASDAQ:IMVT)

JPMorgan Chase & Co. lowered its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 11.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 228,257 shares of the company's stock after selling 28,586 shares during the period. JPMorgan Chase & Co. owned approximately 0.16% of Immunovant worth $6,508,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Rhumbline Advisers increased its holdings in shares of Immunovant by 9.7% in the second quarter. Rhumbline Advisers now owns 83,532 shares of the company's stock worth $2,205,000 after purchasing an additional 7,363 shares during the period. Quest Partners LLC increased its stake in Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company's stock worth $69,000 after acquiring an additional 1,786 shares during the last quarter. WINTON GROUP Ltd bought a new position in Immunovant in the 2nd quarter worth about $546,000. Renaissance Technologies LLC boosted its position in shares of Immunovant by 14.2% during the 2nd quarter. Renaissance Technologies LLC now owns 388,100 shares of the company's stock valued at $10,246,000 after acquiring an additional 48,400 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Immunovant during the second quarter worth about $5,275,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Immunovant

In other news, CEO Peter Salzmann sold 5,105 shares of the firm's stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total value of $123,030.50. Following the completion of the transaction, the chief executive officer now owns 972,992 shares in the company, valued at $23,449,107.20. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sciences Ltd. Roivant purchased 16,845,010 shares of the company's stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average price of $20.00 per share, for a total transaction of $336,900,200.00. Following the completion of the transaction, the director now directly owns 96,650,341 shares of the company's stock, valued at $1,933,006,820. This represents a 21.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 61,693 shares of company stock worth $1,586,625 over the last quarter. 5.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

IMVT has been the subject of several research analyst reports. Bank of America dropped their target price on shares of Immunovant from $48.00 to $45.00 and set a "buy" rating for the company in a research report on Wednesday. Wells Fargo & Company cut their target price on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Oppenheimer increased their target price on Immunovant from $47.00 to $53.00 and gave the company an "outperform" rating in a research note on Wednesday, October 9th. Raymond James reaffirmed an "outperform" rating and set a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th. Finally, Wolfe Research cut Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.00.

Immunovant Trading Down 2.5 %

IMVT stock traded down $0.60 during midday trading on Thursday, hitting $23.80. The company had a trading volume of 1,767,838 shares, compared to its average volume of 1,052,408. Immunovant, Inc. has a 52 week low of $22.41 and a 52 week high of $42.14. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -10.72 and a beta of 0.66. The stock's 50 day moving average price is $26.65 and its 200 day moving average price is $28.53.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results 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 in the prior year, the firm posted ($0.45) earnings per share. Analysts predict that Immunovant, Inc. will post -2.75 earnings per share 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.