Connor Clark & Lunn Investment Management Ltd. Has $7.18 Million Holdings in Immunovant, Inc. $IMVT

Connor Clark & Lunn Investment Management Ltd. raised its position in Immunovant, Inc. (NASDAQ:IMVT) by 23.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 448,515 shares of the company’s stock after purchasing an additional 84,286 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.26% of Immunovant worth $7,176,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. TD Asset Management Inc grew its holdings in shares of Immunovant by 5.5% during the second quarter. TD Asset Management Inc now owns 192,506 shares of the company’s stock worth $3,080,000 after buying an additional 10,108 shares in the last quarter. Aberdeen Group plc boosted its position in Immunovant by 3.1% during the 2nd quarter. Aberdeen Group plc now owns 844,705 shares of the company’s stock worth $13,515,000 after acquiring an additional 25,228 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Immunovant by 11.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company’s stock worth $106,000 after acquiring an additional 675 shares in the last quarter. Platinum Investment Management Ltd. grew its stake in shares of Immunovant by 24.7% during the 2nd quarter. Platinum Investment Management Ltd. now owns 195,727 shares of the company’s stock worth $3,132,000 after acquiring an additional 38,738 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Immunovant by 142,750.0% in the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock valued at $46,000 after purchasing an additional 2,855 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of the stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $49,382.85. Following the transaction, the insider directly owned 217,958 shares of the company’s stock, valued at $4,147,740.74. This represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jay S. Stout sold 2,520 shares of the firm’s stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total transaction of $47,955.60. Following the sale, the chief technology officer owned 200,814 shares of the company’s stock, valued at approximately $3,821,490.42. This represents a 1.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,972 shares of company stock valued at $143,908 in the last ninety days. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Citigroup restated a “buy” rating on shares of Immunovant in a report on Monday, August 11th. Truist Financial initiated coverage on shares of Immunovant in a research note on Tuesday, October 14th. They set a “hold” rating and a $16.00 price objective for the company. UBS Group lifted their target price on Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. JPMorgan Chase & Co. dropped their target price on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a report on Tuesday, September 30th. Finally, Bank of America reduced their price target on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.78.

Immunovant Stock Performance

Immunovant stock opened at $23.44 on Thursday. The stock has a 50-day simple moving average of $18.40 and a 200 day simple moving average of $16.69. The stock has a market capitalization of $4.11 billion, a P/E ratio of -8.25 and a beta of 0.60. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $30.25.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter in the prior year, the business earned ($0.74) earnings per share. Research analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current 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.