TD Asset Management Inc Sells 56,752 Shares of Immunovant, Inc. $IMVT

by · The Markets Daily

TD Asset Management Inc decreased its position in Immunovant, Inc. (NASDAQ:IMVT – Free Report) by 29.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 135,754 shares of the company’s stock after selling 56,752 shares during the quarter. TD Asset Management Inc’s holdings in Immunovant were worth $2,188,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in IMVT. GSA Capital Partners LLP purchased a new stake in shares of Immunovant in the 3rd quarter valued at $438,000. PNC Financial Services Group Inc. lifted its stake in shares of Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares during the last quarter. Aberdeen Group plc grew its position in Immunovant by 16.2% during the 3rd quarter. Aberdeen Group plc now owns 981,804 shares of the company’s stock worth $15,827,000 after acquiring an additional 137,099 shares during the last quarter. ABC Arbitrage SA purchased a new position in Immunovant in the 3rd quarter worth approximately $236,000. Finally, AlphaQuest LLC lifted its position in Immunovant by 1,343.4% in the third quarter. AlphaQuest LLC now owns 12,904 shares of the company’s stock valued at $208,000 after purchasing an additional 12,010 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 1,977 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the sale, the chief technology officer directly owned 197,634 shares of the company’s stock, valued at $5,144,413.02. The trade was a 0.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tuyl Christopher Van sold 10,813 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the sale, the insider directly owned 149,930 shares of the company’s stock, valued at approximately $4,034,616.30. This trade represents a 6.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,993 shares of company stock valued at $374,355 over the last three months. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on IMVT shares. Guggenheim boosted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, February 9th. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. HC Wainwright reissued a “buy” rating and issued a $35.00 price target on shares of Immunovant in a research report on Tuesday, February 10th. Finally, Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 6th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.50.

Get Our Latest Stock Analysis on Immunovant

Immunovant Stock Performance

Shares of Immunovant stock opened at $27.08 on Thursday. The company has a fifty day moving average of $26.29 and a 200 day moving average of $22.10. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $29.25. The company has a market capitalization of $5.51 billion, a P/E ratio of -10.07 and a beta of 0.62.

Immunovant (NASDAQ:IMVT – Get Free Report) last released its earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same quarter in the previous year, the company posted ($0.76) earnings per share. Analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

Immunovant Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding IMVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Immunovant, Inc. (NASDAQ:IMVT – Free Report).