Victory Capital Management Inc. Acquires 22,990 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Victory Capital Management Inc. grew its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 7.4% during the third quarter, Holdings Channel reports. The firm owned 335,360 shares of the company’s stock after purchasing an additional 22,990 shares during the period. Victory Capital Management Inc.’s holdings in Immunovant were worth $9,561,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Immunovant by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after acquiring an additional 650,506 shares during the period. Armistice Capital LLC raised its holdings in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after acquiring an additional 1,232,909 shares during the period. Alpine Global Management LLC raised its holdings in Immunovant by 34.6% in the 1st quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after acquiring an additional 484,332 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Immunovant by 16.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock worth $60,163,000 after acquiring an additional 259,481 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after acquiring an additional 391,436 shares during the period. Institutional investors own 47.08% of the company’s stock.

Insider Buying and Selling at Immunovant

In other news, CEO Peter Salzmann sold 4,460 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $131,837.60. Following the transaction, the chief executive officer now directly owns 1,003,884 shares in the company, valued at approximately $29,674,811.04. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark S. Levine sold 4,361 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $128,780.33. Following the transaction, the insider now owns 322,878 shares in the company, valued at $9,534,587.34. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,277 shares of company stock worth $941,919 over the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on IMVT. JPMorgan Chase & Co. dropped their target price on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Oppenheimer lifted their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. HC Wainwright restated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Finally, Raymond James restated an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a report on Thursday, October 10th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant currently has an average rating of “Buy” and a consensus price target of $48.10.

Immunovant Stock Performance

Shares of Immunovant stock opened at $26.54 on Friday. The firm’s 50-day simple moving average is $29.14 and its 200-day simple moving average is $28.93. Immunovant, Inc. has a twelve month low of $24.61 and a twelve month high of $45.58. The firm has a market cap of $3.90 billion, a P/E ratio of -11.95 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the previous year, the business posted ($0.45) EPS. On average, equities analysts forecast that Immunovant, Inc. will post -2.7 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.