HighVista Strategies LLC Grows Position in Immunovant, Inc. $IMVT

HighVista Strategies LLC increased its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 38.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 253,127 shares of the company’s stock after purchasing an additional 70,319 shares during the period. Immunovant accounts for about 1.0% of HighVista Strategies LLC’s holdings, making the stock its 25th biggest holding. HighVista Strategies LLC owned approximately 0.14% of Immunovant worth $4,080,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Immunovant by 8.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after purchasing an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after acquiring an additional 329,354 shares in the last quarter. Strs Ohio bought a new stake in shares of Immunovant in the 1st quarter worth about $27,000. Geode Capital Management LLC raised its stake in Immunovant by 9.1% during the second quarter. Geode Capital Management LLC now owns 1,825,602 shares of the company’s stock valued at $29,213,000 after buying an additional 153,012 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its position in shares of Immunovant by 29.5% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 16,301 shares of the company’s stock valued at $261,000 after acquiring an additional 3,712 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 1,977 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the sale, the chief technology officer directly owned 197,634 shares of the company’s stock, valued at approximately $5,144,413.02. This represents a 0.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tuyl Christopher Van sold 10,813 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the transaction, the insider owned 149,930 shares of the company’s stock, valued at $4,034,616.30. This trade represents a 6.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,993 shares of company stock worth $374,355 over the last 90 days. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have weighed in on IMVT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 6th. Guggenheim increased 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. Truist Financial boosted their price objective on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 8th. Finally, HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of Immunovant in a report on Tuesday, February 10th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Immunovant Stock Performance

NASDAQ:IMVT opened at $24.41 on Monday. The stock has a market cap of $4.97 billion, a price-to-earnings ratio of -9.07 and a beta of 0.61. Immunovant, Inc. has a 1 year low of $12.72 and a 1 year high of $29.25. The business has a fifty day moving average of $26.29 and a 200-day moving average of $22.68.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same quarter last year, the company posted ($0.76) earnings per share. On average, equities research analysts predict that Immunovant, Inc. will post -2.69 EPS 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.