Raymond James Financial Inc. Takes Position in Immunovant, Inc. (NASDAQ:IMVT)

Raymond James Financial Inc. acquired a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 20,382 shares of the company's stock, valued at approximately $505,000.

Other hedge funds have also bought and sold shares of the company. State Street Corp boosted its stake in shares of 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 lifted its stake in Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock worth $43,085,000 after purchasing an additional 96,924 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock valued at $27,117,000 after buying an additional 391,436 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Immunovant by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 564,442 shares of the company's stock valued at $13,981,000 after buying an additional 12,012 shares during the last quarter. Finally, abrdn plc raised its holdings in shares of Immunovant by 11.1% in the fourth quarter. abrdn plc now owns 532,110 shares of the company's stock worth $13,180,000 after buying an additional 53,353 shares during the period. Institutional investors own 47.08% of the company's stock.

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Immunovant Stock Performance

NASDAQ:IMVT traded down $0.11 during trading hours on Friday, reaching $14.68. The company's stock had a trading volume of 1,862,077 shares, compared to its average volume of 1,190,097. The stock has a 50 day moving average price of $18.57 and a two-hundred day moving average price of $24.06. The company has a market capitalization of $2.49 billion, a P/E ratio of -5.60 and a beta of 0.81. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47.

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wells Fargo & Company dropped their price objective on Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Jefferies Financial Group assumed coverage on shares of Immunovant in a report on Monday, March 3rd. They issued a "hold" rating and a $20.00 price target on the stock. Wolfe Research lowered shares of Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Bank of America dropped their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a research note on Thursday, March 20th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $41.00.

Insiders Place Their Bets

In other news, CEO Peter Salzmann sold 28,094 shares of Immunovant stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total value of $364,941.06. Following the transaction, the chief executive officer now owns 1,186,512 shares of the company's stock, valued at $15,412,790.88. The trade was a 2.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider William L. Macias sold 2,383 shares of the business'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 transaction of $56,786.89. Following the transaction, the insider now owns 359,408 shares of the company's stock, valued at approximately $8,564,692.64. This trade represents a 0.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,394 shares of company stock worth $956,666. 5.90% of the stock is owned by corporate insiders.

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.