Renaissance Technologies LLC Takes $4.78 Million Position in Immunovant, Inc. $IMVT

Renaissance Technologies LLC acquired a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT) during the 1st quarter, Holdings Channel reports. The fund acquired 192,500 shares of the company’s stock, valued at approximately $4,782,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after purchasing an additional 3,348 shares during the period. Goldman Sachs Group Inc. increased its stake in Immunovant by 48.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after purchasing an additional 329,354 shares during the last quarter. Strs Ohio acquired a new position in Immunovant in the first quarter valued at $27,000. Legal & General Group Plc lifted its position in Immunovant by 6.9% during the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after buying an additional 5,010 shares during the period. Finally, Invesco Ltd. boosted its stake in Immunovant by 20.7% in the 2nd quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock worth $1,068,000 after buying an additional 11,438 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Immunovant

In other news, insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $47,697.30. Following the completion of the sale, the insider owned 179,391 shares of the company’s stock, valued at $7,094,914.05. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 1,500 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.01, for a total transaction of $57,015.00. Following the completion of the transaction, the director directly owned 116,731 shares in the company, valued at approximately $4,436,945.31. This represents a 1.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 324,810 shares of company stock valued at $11,350,166 over the last quarter. Company insiders own 1.90% of the company’s stock.

Immunovant Price Performance

Immunovant stock opened at $39.74 on Friday. The company has a market cap of $8.20 billion, a price-to-earnings ratio of -14.29 and a beta of 0.77. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $41.23. The stock’s 50-day moving average is $37.09 and its 200-day moving average is $30.52.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter. During the same quarter in the prior year, the firm posted ($0.71) earnings per share. Research analysts anticipate that Immunovant, Inc. will post -2.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IMVT. Bank of America upped their price objective on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Citigroup increased their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Finally, Guggenheim lifted their price target on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $44.00.

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.