Dimensional Fund Advisors LP Lowers Stake in Immunovant, Inc. $IMVT

Dimensional Fund Advisors LP lowered its stake in shares of Immunovant, Inc. (NASDAQ:IMVT) by 64.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,086 shares of the company’s stock after selling 103,356 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Immunovant were worth $1,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Immunovant by 8.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after buying an additional 3,348 shares during the period. Goldman Sachs Group Inc. boosted its position in Immunovant by 48.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after buying an additional 329,354 shares during the last quarter. Strs Ohio purchased a new stake in Immunovant in the first quarter valued at approximately $27,000. Legal & General Group Plc increased its stake in shares of Immunovant by 6.9% in the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after acquiring an additional 5,010 shares during the period. Finally, Invesco Ltd. boosted its holdings in Immunovant by 20.7% in the second quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock valued at $1,068,000 after purchasing an additional 11,438 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Stock Performance

Shares of Immunovant stock opened at $41.82 on Friday. The stock has a 50 day moving average of $38.19 and a 200 day moving average of $31.12. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of -14.83 and a beta of 0.77. Immunovant, Inc. has a fifty-two week low of $14.47 and a fifty-two week high of $42.92.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same quarter in the previous year, the business posted ($0.71) earnings per share. Analysts forecast that Immunovant, Inc. will post -2.72 EPS for the current year.

Insider Buying and Selling

In other Immunovant news, COO Melanie Gloria sold 17,714 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $678,623.34. Following the completion of the transaction, the chief operating officer owned 224,393 shares of the company’s stock, valued at $8,596,495.83. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tuyl Christopher Van sold 17,824 shares of Immunovant 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 owned 180,597 shares of the company’s stock, valued at approximately $6,918,671.07. This represents a 8.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 324,810 shares of company stock valued at $11,350,166 over the last three months. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on IMVT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Monday, July 6th. Truist Financial upped their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Citigroup raised their price objective on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a report on Wednesday, July 29th. Finally, HC Wainwright boosted their target price 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. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Immunovant presently has a consensus rating of “Moderate Buy” and a consensus 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.