Connor Clark & Lunn Investment Management Ltd. Raises Stock Position in Immunovant, Inc. (NASDAQ:IMVT)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 29.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 235,884 shares of the company’s stock after purchasing an additional 54,085 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of Immunovant worth $5,843,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in shares of Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after buying an additional 2,053,688 shares during the period. Baker BROS. Advisors LP lifted its holdings in Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after acquiring an additional 760,692 shares during the period. Principal Financial Group Inc. boosted its position in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares in the last quarter. State Street Corp grew its stake in shares of Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after purchasing an additional 303,386 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after purchasing an additional 96,924 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Stock Performance

Shares of IMVT stock opened at $19.52 on Friday. Immunovant, Inc. has a fifty-two week low of $17.65 and a fifty-two week high of $35.97. The stock’s fifty day moving average is $21.32 and its two-hundred day moving average is $26.08. The firm has a market capitalization of $3.32 billion, a P/E ratio of -7.45 and a beta of 0.68.

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

Analyst Ratings Changes

Several analysts recently commented on the stock. Bank of America dropped their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Jefferies Financial Group assumed coverage on Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $51.00 target price on shares of Immunovant in a research note on Friday, February 7th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Immunovant presently has an average rating of “Buy” and a consensus price target of $42.90.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the transaction, the chief technology officer now owns 139,991 shares in the company, valued at $3,302,387.69. The trade was a 1.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares of the company’s stock, valued at $1,801,494.80. This represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock worth $813,686 in the last ninety days. Insiders own 5.90% 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.