Rhenman & Partners Asset Management AB Takes Position in Immunovant, Inc. (NASDAQ:IMVT)

Rhenman & Partners Asset Management AB purchased a new position in Immunovant, Inc. (NASDAQ:IMVT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $1,897,000. Rhenman & Partners Asset Management AB owned about 0.08% of Immunovant as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the stock. Mirabella Financial Services LLP purchased a new position in Immunovant in the second quarter valued at about $1,320,000. Commodore Capital LP raised its holdings in shares of Immunovant by 25.2% in the 1st quarter. Commodore Capital LP now owns 1,440,999 shares of the company’s stock worth $22,350,000 after purchasing an additional 290,494 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Immunovant by 206.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,978 shares of the company’s stock valued at $75,000 after purchasing an additional 2,682 shares during the last quarter. Tekla Capital Management LLC bought a new position in Immunovant during the first quarter valued at $1,790,000. Finally, American International Group Inc. grew its holdings in Immunovant by 21.1% during the second quarter. American International Group Inc. now owns 25,971 shares of the company’s stock valued at $493,000 after purchasing an additional 4,517 shares during the period. Institutional investors own 42.45% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on IMVT shares. HC Wainwright boosted their target price on Immunovant from $29.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, October 24th. UBS Group raised shares of Immunovant from a “neutral” rating to a “buy” rating and upped their price objective for the company from $18.00 to $55.00 in a report on Friday, October 13th. Raymond James upgraded shares of Immunovant from a “market perform” rating to an “outperform” rating and set a $40.00 target price for the company in a research note on Tuesday, September 26th. Guggenheim upped their price target on shares of Immunovant from $32.00 to $48.00 in a research note on Wednesday, September 27th. Finally, Citigroup raised their price objective on shares of Immunovant from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, September 27th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $42.54.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Sciences Ltd. Roivant acquired 1,526,316 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was bought at an average price of $38.00 per share, with a total value of $58,000,008.00. Following the completion of the acquisition, the director now owns 79,805,331 shares of the company’s stock, valued at $3,032,602,578. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Immunovant news, insider Julia G. Butchko sold 1,735 shares of the firm’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $36.24, for a total transaction of $62,876.40. Following the sale, the insider now owns 414,525 shares in the company, valued at $15,022,386. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sciences Ltd. Roivant acquired 1,526,316 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was purchased at an average price of $38.00 per share, with a total value of $58,000,008.00. Following the completion of the acquisition, the director now directly owns 79,805,331 shares in the company, valued at approximately $3,032,602,578. The disclosure for this purchase can be found here. Insiders have sold a total of 99,614 shares of company stock valued at $2,374,440 in the last 90 days. Corporate insiders own 4.80% of the company’s stock.

Immunovant Stock Performance

NASDAQ IMVT traded down $0.47 on Tuesday, hitting $33.33. The stock had a trading volume of 163,462 shares, compared to its average volume of 1,366,806. The firm has a 50-day moving average of $32.39 and a 200-day moving average of $24.99. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of -17.05 and a beta of 0.66. Immunovant, Inc. has a 52-week low of $12.40 and a 52-week high of $44.19.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, November 9th. The company reported ($0.45) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.45). As a group, research analysts anticipate that Immunovant, Inc. will post -1.84 earnings per share for the current fiscal year.

About Immunovant

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 selectively binds to and inhibits the neonatal fragment crystallizable receptor, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease, as well as completed initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia.