Franklin Resources Inc. Lowers Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Franklin Resources Inc. lowered its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 6.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 984,063 shares of the company’s stock after selling 65,616 shares during the period. Franklin Resources Inc. owned about 0.58% of Immunovant worth $24,375,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in IMVT. Vanguard Group Inc. increased its position in Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after purchasing an additional 20,614 shares during the period. State Street Corp boosted its stake in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares in the last quarter. Geode Capital Management LLC increased its holdings in Immunovant by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after buying an additional 96,924 shares during the period. JPMorgan Chase & Co. raised its stake in Immunovant by 405.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company’s stock worth $28,568,000 after buying an additional 925,081 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on IMVT. Jefferies Financial Group began coverage on Immunovant in a research report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. Wells Fargo & Company decreased their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Guggenheim reissued a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Immunovant presently has a consensus rating of “Buy” and a consensus price target of $41.00.

Insider Activity

In other Immunovant news, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $336,900,200.00. Following the purchase, the director now owns 96,650,341 shares in the company, valued at approximately $1,933,006,820. The trade was a 21.11 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 5,105 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the sale, the chief executive officer now owns 972,992 shares in the company, valued at $23,449,107.20. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,510 shares of company stock valued at $813,686. Company insiders own 5.90% of the company’s stock.

Immunovant Trading Down 7.6 %

Shares of Immunovant stock opened at $14.58 on Monday. The firm’s 50 day simple moving average is $19.60 and its two-hundred day simple moving average is $24.71. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of -5.56 and a beta of 0.81. Immunovant, Inc. has a 12-month low of $14.16 and a 12-month high of $34.47.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, sell-side analysts predict that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Immunovant Company Profile

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.