Franklin Resources Inc. Sells 52,189 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Franklin Resources Inc. cut its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,049,679 shares of the company’s stock after selling 52,189 shares during the quarter. Franklin Resources Inc.’s holdings in Immunovant were worth $30,903,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. KBC Group NV boosted its position in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after buying an additional 612 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Immunovant by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after acquiring an additional 934 shares in the last quarter. Assetmark Inc. raised its position in shares of Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after purchasing an additional 1,228 shares during the period. Quest Partners LLC lifted its holdings in shares of Immunovant by 216.7% during the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after purchasing an additional 1,786 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in Immunovant by 5.6% during the 2nd quarter. Squarepoint Ops LLC now owns 49,288 shares of the company’s stock worth $1,301,000 after purchasing an additional 2,615 shares in the last quarter. 47.08% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Mark S. Levine sold 3,650 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the sale, the insider now directly owns 319,228 shares of the company’s stock, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $131,837.60. Following the transaction, the chief executive officer now owns 1,003,884 shares of the company’s stock, valued at $29,674,811.04. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 77,659 shares of company stock valued at $2,096,890. Corporate insiders own 5.90% of the company’s stock.

Immunovant Stock Performance

IMVT opened at $26.25 on Thursday. Immunovant, Inc. has a 52-week low of $24.61 and a 52-week high of $45.58. The stock has a market capitalization of $3.85 billion, a P/E ratio of -11.82 and a beta of 0.64. The company’s 50-day simple moving average is $28.70 and its two-hundred day simple moving average is $28.73.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the previous year, the company earned ($0.45) earnings per share. Research analysts forecast that Immunovant, Inc. will post -2.73 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Oppenheimer lifted their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. HC Wainwright reissued a “buy” rating and issued a $51.00 target price on shares of Immunovant in a report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Finally, Raymond James restated an “outperform” rating and set a $36.00 price target on shares of Immunovant in a report on Thursday, October 10th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $47.89.

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.