State of New Jersey Common Pension Fund D Buys Shares of 23,799 Immunovant, Inc. $IMVT

State of New Jersey Common Pension Fund D purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 23,799 shares of the company’s stock, valued at approximately $605,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IMVT. Geneos Wealth Management Inc. purchased a new position in Immunovant during the 4th quarter worth $25,000. Strs Ohio acquired a new position in shares of Immunovant during the first quarter valued at about $27,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Immunovant in the 3rd quarter valued at approximately $33,000. PNC Financial Services Group Inc. boosted its stake in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after purchasing an additional 1,646 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock worth $98,000 after purchasing an additional 4,273 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Sanford C. Bernstein started coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th. Guggenheim lifted their price target on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Finally, The Goldman Sachs Group raised their price objective on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Immunovant has an average rating of “Hold” and an average target price of $32.44.

Insiders Place Their Bets

In related news, CTO Jay S. Stout sold 2,754 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total value of $81,573.48. Following the completion of the transaction, the chief technology officer directly owned 251,685 shares in the company, valued at $7,454,909.70. The trade was a 1.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 5,165 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $128,246.95. Following the sale, the insider directly owned 183,231 shares in the company, valued at $4,549,625.73. This trade represents a 2.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 72,141 shares of company stock worth $1,923,713. Corporate insiders own 1.80% of the company’s stock.

Immunovant Stock Performance

NASDAQ IMVT opened at $29.06 on Tuesday. The stock has a 50-day simple moving average of $26.20 and a two-hundred day simple moving average of $25.39. The firm has a market capitalization of $5.91 billion, a P/E ratio of -10.80 and a beta of 0.70. Immunovant, Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $30.16.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the previous year, the company posted ($0.76) earnings per share. As a group, analysts forecast that Immunovant, Inc. will post -2.67 earnings per share for the current year.

About Immunovant

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.