Pictet Asset Management Holding SA Has $11.73 Million Position in Immunovant, Inc. $IMVT

Pictet Asset Management Holding SA increased its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 24.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 472,381 shares of the company’s stock after purchasing an additional 91,539 shares during the period. Pictet Asset Management Holding SA’s holdings in Immunovant were worth $11,734,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. acquired a new position in shares of Immunovant in the 4th quarter valued at approximately $25,000. Strs Ohio acquired a new stake in Immunovant during the 1st quarter worth approximately $27,000. PNC Financial Services Group Inc. lifted its stake in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after buying an additional 1,646 shares in the last quarter. Quarry LP lifted its stake in Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares in the last quarter. Finally, FNY Investment Advisers LLC boosted its holdings in shares of Immunovant by 100.0% in the fourth quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock valued at $101,000 after buying an additional 2,000 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Stock Up 1.7%

NASDAQ:IMVT opened at $38.79 on Friday. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $39.28. The business has a 50 day moving average price of $32.28 and a two-hundred day moving average price of $28.20. The company has a market cap of $7.96 billion, a P/E ratio of -13.95 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the company earned ($0.64) EPS. As a group, analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. HC Wainwright increased their price objective on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Bank of America increased their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Finally, Citigroup lifted their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $39.70.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 17,824 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $682,837.44. Following the sale, the insider directly owned 180,597 shares of the company’s stock, valued at $6,918,671.07. The trade was a 8.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew J. Fromkin sold 221,951 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the transaction, the director owned 74,382 shares of the company’s stock, valued at approximately $2,492,540.82. This represents a 74.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 370,024 shares of company stock valued at $12,474,010 in the last three months. 1.80% of the stock is currently owned by insiders.

Immunovant Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.