Norges Bank Makes New $15.80 Million Investment in Immunovant, Inc. (NASDAQ:IMVT)

Norges Bank purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 637,947 shares of the company's stock, valued at approximately $15,802,000. Norges Bank owned 0.38% of Immunovant as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Immunovant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock worth $165,449,000 after acquiring an additional 20,614 shares during the period. State Street Corp grew its position in Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company's stock worth $86,167,000 after purchasing an additional 303,386 shares during the period. Geode Capital Management LLC raised its stake in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock valued at $43,085,000 after buying an additional 96,924 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Immunovant by 405.3% in the 4th quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock valued at $28,568,000 after buying an additional 925,081 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after buying an additional 391,436 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

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Insider Buying and Selling at Immunovant

In other news, insider William L. Macias sold 2,383 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total value of $56,786.89. Following the completion of the sale, the insider now directly owns 359,408 shares in the company, valued at $8,564,692.64. This represents a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter Salzmann sold 8,767 shares of Immunovant stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total value of $208,917.61. Following the transaction, the chief executive officer now owns 964,225 shares in the company, valued at approximately $22,977,481.75. The trade was a 0.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,394 shares of company stock worth $956,666. Corporate insiders own 5.90% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on IMVT. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. HC Wainwright reissued a "buy" rating and set a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Wolfe Research lowered shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Guggenheim reiterated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Finally, Wells Fargo & Company dropped their target price on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $41.00.

Immunovant Price Performance

Immunovant stock traded down $0.11 during midday trading on Friday, reaching $14.68. The company had a trading volume of 1,862,077 shares, compared to its average volume of 1,190,097. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $34.47. The company has a market capitalization of $2.49 billion, a P/E ratio of -5.60 and a beta of 0.81. The firm's fifty day simple moving average is $18.57 and its 200-day simple moving average is $24.06.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Immunovant Company 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.