Inceptionr LLC Buys New Position in Immunovant, Inc. $IMVT

Inceptionr LLC purchased a new position in Immunovant, Inc. (NASDAQ:IMVT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 24,272 shares of the company’s stock, valued at approximately $603,000.

Other hedge funds have also recently modified their holdings of the company. Sei Investments Co. lifted its position in shares of Immunovant by 38.8% during the 1st quarter. Sei Investments Co. now owns 17,746 shares of the company’s stock valued at $441,000 after buying an additional 4,962 shares in the last quarter. Swiss National Bank raised its position in shares of Immunovant by 0.7% during the first quarter. Swiss National Bank now owns 159,400 shares of the company’s stock valued at $3,959,000 after buying an additional 1,100 shares during the last quarter. Jennison Associates LLC increased its holdings in Immunovant by 356.4% in the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after acquiring an additional 2,496,241 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Immunovant by 8.5% in the 1st quarter. Bank of New York Mellon Corp now owns 216,225 shares of the company’s stock worth $5,371,000 after purchasing an additional 16,861 shares in the last quarter. Finally, Kestra Advisory Services LLC boosted its holdings in shares of Immunovant by 55.0% during the 1st quarter. Kestra Advisory Services LLC now owns 13,915 shares of the company’s stock valued at $346,000 after purchasing an additional 4,936 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

Insider Activity

In related news, CTO Jay S. Stout sold 40,000 shares of Immunovant stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the transaction, the chief technology officer directly owned 211,685 shares of the company’s stock, valued at $8,109,652.35. This trade represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Tiago Girao sold 10,000 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.46, for a total transaction of $384,600.00. Following the sale, the chief financial officer directly owned 247,596 shares of the company’s stock, valued at $9,522,542.16. The trade was a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 327,312 shares of company stock valued at $11,418,145. 1.80% of the stock is currently owned by corporate insiders.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $39.41 on Friday. Immunovant, Inc. has a 52-week low of $14.32 and a 52-week high of $41.23. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of -14.18 and a beta of 0.76. The stock has a 50 day moving average price of $35.87 and a 200 day moving average price of $29.67.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the company earned ($0.64) earnings per share. Analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on IMVT shares. HC Wainwright lifted their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Guggenheim increased their target price on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Truist Financial increased their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd. The Goldman Sachs Group increased their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Bank of America boosted their price objective on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $39.70.

Immunovant Company Profile

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.