Hennion & Walsh Asset Management Inc. Has $4.65 Million Stock Holdings in Immunovant, Inc. $IMVT

Hennion & Walsh Asset Management Inc. lifted its stake in Immunovant, Inc. (NASDAQ:IMVT) by 32.6% during the second quarter, Holdings Channel.com reports. The fund owned 120,686 shares of the company’s stock after buying an additional 29,677 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Immunovant were worth $4,650,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of IMVT. RTW Investments LP acquired a new position in Immunovant during the fourth quarter valued at approximately $80,781,000. Morgan Stanley boosted its holdings in shares of Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Immunovant by 356.4% in the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after buying an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC increased its holdings in Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after buying an additional 1,706,687 shares during the last quarter. Finally, Logos Global Management LP raised its position in Immunovant by 400.0% during the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $34,952,000 after acquiring an additional 1,100,000 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Stock Performance

Shares of IMVT opened at $39.95 on Monday. The firm has a market cap of $8.25 billion, a P/E ratio of -14.17 and a beta of 0.77. Immunovant, Inc. has a 52 week low of $14.32 and a 52 week high of $41.23. The firm’s 50-day simple moving average is $37.23 and its 200 day simple moving average is $30.62.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the previous year, the business earned ($0.71) EPS. As a group, equities analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Atul Pande sold 1,500 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.01, for a total value of $57,015.00. Following the transaction, the director directly owned 116,731 shares of the company’s stock, valued at $4,436,945.31. This represents a 1.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric Venker sold 3,092 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the transaction, the chief executive officer owned 254,280 shares in the company, valued at $9,784,694.40. The trade was a 1.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 324,810 shares of company stock worth $11,350,166 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on IMVT shares. HC Wainwright increased their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Guggenheim upped their target price on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Citigroup raised their target price on shares of Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. lifted their price target on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Sanford C. Bernstein raised Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $44.00.

About Immunovant

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.