Man Group plc Invests $5.40 Million in Immunovant, Inc. $IMVT

Man Group plc acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT) during the second quarter, Holdings Channel.com reports. The firm acquired 140,116 shares of the company’s stock, valued at approximately $5,399,000.

Several other institutional investors and hedge funds also recently made changes to their positions in IMVT. Jennison Associates LLC bought a new stake in Immunovant in the fourth quarter worth approximately $17,806,000. Renaissance Technologies LLC bought a new position in shares of Immunovant during the 1st quarter worth approximately $4,782,000. GSA Capital Partners LLP bought a new position in shares of Immunovant during the 2nd quarter worth approximately $2,515,000. Pictet Asset Management Holding SA grew its position in shares of Immunovant by 24.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company’s stock worth $11,734,000 after buying an additional 91,539 shares during the period. Finally, Two Seas Capital LP grew its position in shares of Immunovant by 3.8% during the 4th quarter. Two Seas Capital LP now owns 2,866,962 shares of the company’s stock worth $72,878,000 after buying an additional 104,922 shares during the period. Institutional investors own 47.08% of the company’s stock.

Insider Activity at Immunovant

In related news, CEO Eric Venker sold 3,092 shares of Immunovant stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total value of $118,980.16. Following the sale, the chief executive officer owned 254,280 shares of the company’s stock, valued at approximately $9,784,694.40. The trade was a 1.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 1,206 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $47,697.30. Following the completion of the transaction, the insider owned 179,391 shares in the company, valued at approximately $7,094,914.05. The trade was a 0.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 98,359 shares of company stock worth $3,785,493 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

Immunovant Price Performance

NASDAQ IMVT opened at $41.20 on Monday. The company has a fifty day moving average price of $40.29 and a 200-day moving average price of $32.39. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of -14.61 and a beta of 0.77. Immunovant, Inc. has a 1 year low of $14.47 and a 1 year high of $45.42.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same quarter in the previous year, the firm earned ($0.71) EPS. On average, research analysts anticipate that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Bank of America lifted their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Guggenheim raised their target price on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Citigroup boosted their target price on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. upped their price target on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.00.

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.