Rhenman & Partners Asset Management AB Has $3.59 Million Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Rhenman & Partners Asset Management AB lessened its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 40.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,000 shares of the company's stock after selling 98,000 shares during the period. Rhenman & Partners Asset Management AB owned approximately 0.09% of Immunovant worth $3,592,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company's stock valued at $15,750,000 after buying an additional 91,259 shares in the last quarter. Principal Financial Group Inc. grew 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 valued at $27,117,000 after acquiring an additional 391,436 shares in the last quarter. ABC Arbitrage SA bought a new position in Immunovant during the fourth quarter worth about $734,000. State Street Corp raised its stake in Immunovant by 11.2% in 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 in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Immunovant by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock valued at $43,085,000 after purchasing an additional 96,924 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

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Insider Buying and Selling

In other news, Director Andrew J. Fromkin sold 8,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares of the company's stock, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sciences Ltd. Roivant acquired 16,845,010 shares of Immunovant stock in a transaction that occurred on Monday, January 13th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $336,900,200.00. Following the purchase, the director now owns 96,650,341 shares of the company's stock, valued at $1,933,006,820. The trade was a 21.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 26,300 shares of company stock worth $591,725 in the last ninety days. Company insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company reduced their price target on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Guggenheim reissued a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Jefferies Financial Group initiated coverage on shares of Immunovant in a report on Monday, March 3rd. They set a "hold" rating and a $20.00 price target for the company. Finally, Bank of America decreased their price objective 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. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Immunovant currently has a consensus rating of "Buy" and a consensus price target of $41.00.

Immunovant Stock Performance

Shares of IMVT traded down $0.26 during trading hours on Thursday, reaching $14.65. The stock had a trading volume of 1,386,462 shares, compared to its average volume of 1,178,038. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The stock has a market capitalization of $2.49 billion, a PE ratio of -5.58 and a beta of 0.81. The company's 50-day moving average is $18.82 and its two-hundred day moving average is $24.26.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). Equities analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal 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.