State Street Corp Buys 303,386 Shares of Immunovant, Inc. (NASDAQ:IMVT)

State Street Corp boosted its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 11.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,022,342 shares of the company's stock after buying an additional 303,386 shares during the quarter. State Street Corp owned 2.06% of Immunovant worth $86,167,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in IMVT. KBC Group NV increased its holdings in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company's stock valued at $55,000 after acquiring an additional 612 shares in the last quarter. Quest Partners LLC raised its holdings in shares of Immunovant by 216.7% in the second 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. Headlands Technologies LLC purchased a new position in Immunovant in the 2nd quarter valued at about $77,000. Assetmark Inc. boosted its position in Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company's stock worth $82,000 after acquiring an additional 1,228 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock worth $148,000 after purchasing an additional 934 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Stock Up 1.0 %

NASDAQ IMVT traded up $0.28 on Tuesday, hitting $27.91. The stock had a trading volume of 707,964 shares, compared to its average volume of 1,058,968. The company's 50-day moving average is $28.81 and its two-hundred day moving average is $28.73. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of -12.45 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 issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.15). During the same period in the prior year, the business earned ($0.45) EPS. On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.73 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Oppenheimer raised 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. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a report on Monday, September 9th. Finally, Raymond James restated an "outperform" rating and set a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $47.89.

Insider Buying and Selling

In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the sale, the chief financial officer now owns 338,614 shares of the company's stock, valued at $10,009,429.84. This trade represents a 1.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider William L. Macias sold 3,188 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total value of $91,782.52. Following the completion of the transaction, the insider now owns 365,144 shares in the company, valued at $10,512,495.76. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,659 shares of company stock worth $2,096,890. Corporate insiders own 5.90% of the company's stock.

About Immunovant

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.