abrdn plc Makes New $13.81 Million Investment in Immunovant, Inc. (NASDAQ:IMVT)

abrdn plc purchased a new position in Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 327,706 shares of the company’s stock, valued at approximately $13,806,000. abrdn plc owned about 0.23% of Immunovant at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC lifted its position in shares of Immunovant by 2,558.1% in the second quarter. Barclays PLC now owns 2,286 shares of the company’s stock worth $43,000 after buying an additional 2,200 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Immunovant by 96.6% in the third quarter. China Universal Asset Management Co. Ltd. now owns 3,360 shares of the company’s stock worth $129,000 after buying an additional 1,651 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Immunovant in the third quarter worth about $230,000. Allspring Global Investments Holdings LLC lifted its position in shares of Immunovant by 56.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 6,206 shares of the company’s stock worth $238,000 after buying an additional 2,228 shares during the last quarter. Finally, Bailard Inc. acquired a new stake in shares of Immunovant in the third quarter worth about $242,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IMVT shares. The Goldman Sachs Group initiated coverage on Immunovant in a research report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price target for the company. Oppenheimer initiated coverage on Immunovant in a research report on Thursday, March 28th. They set an “outperform” rating and a $50.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research report on Friday, January 12th. Wolfe Research initiated coverage on Immunovant in a research report on Thursday, February 15th. They set an “outperform” rating and a $55.00 price objective for the company. Finally, JPMorgan Chase & Co. initiated coverage on Immunovant in a research report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 price objective for the company. Seventeen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $48.00.

Immunovant Trading Down 3.6 %

IMVT stock opened at $27.75 on Friday. Immunovant, Inc. has a 1-year low of $15.90 and a 1-year high of $45.58. The business’s 50 day moving average is $32.30 and its 200-day moving average is $35.86.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, February 12th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.07. On average, analysts forecast that Immunovant, Inc. will post -1.7 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 4,807 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $149,882.26. Following the sale, the chief executive officer now directly owns 1,086,958 shares in the company, valued at approximately $33,891,350.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Peter Salzmann sold 4,807 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $149,882.26. Following the sale, the chief executive officer now directly owns 1,086,958 shares in the company, valued at approximately $33,891,350.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark S. Levine sold 2,134 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $36.15, for a total value of $77,144.10. Following the sale, the insider now owns 301,968 shares in the company, valued at $10,916,143.20. The disclosure for this sale can be found here. Insiders have sold a total of 71,060 shares of company stock worth $2,121,151 in the last three months. Insiders own 4.80% of the company’s stock.

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 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.