Algert Global LLC Raises Position in Immunovant, Inc. $IMVT

Algert Global LLC increased its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 51.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 159,840 shares of the company's stock after buying an additional 54,070 shares during the quarter. Algert Global LLC owned about 0.08% of Immunovant worth $6,159,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of IMVT. Geneos Wealth Management Inc. purchased a new position in Immunovant in the 4th quarter valued at about $25,000. Strs Ohio acquired a new stake in Immunovant during the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. lifted its stake in Immunovant by 138.9% during the third 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 during the last quarter. Quarry LP lifted its position in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after buying an additional 1,461 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Immunovant in the second quarter worth about $87,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Stock Performance

Immunovant stock opened at $43.89 on Thursday. The firm has a market cap of $9.07 billion, a PE ratio of -15.56 and a beta of 0.77. Immunovant, Inc. has a twelve month low of $14.47 and a twelve month high of $45.42. The firm's 50 day moving average price is $40.00 and its two-hundred day moving average price is $32.18.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same quarter in the prior year, the company earned ($0.71) EPS. Equities analysts anticipate that Immunovant, Inc. will post -2.9 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Eric Venker sold 3,092 shares of the company's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total transaction of $118,980.16. Following the transaction, the chief executive officer owned 254,280 shares in the company, valued at $9,784,694.40. This represents a 1.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 business's stock in a transaction dated Friday, June 26th. The stock was 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 of the company's stock, valued at approximately $4,436,945.31. This represents a 1.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 96,859 shares of company stock valued at $3,720,588 over the last 90 days. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

IMVT has been the topic of a number of research analyst reports. Sanford C. Bernstein raised Immunovant to a "hold" rating in a report on Wednesday, July 29th. Truist Financial increased their price objective on Immunovant from $23.00 to $30.00 and gave the company a "hold" rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. boosted their target price on Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Guggenheim upped their target price on Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. Finally, HC Wainwright increased their price target on Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

Get Our Latest Analysis on Immunovant

Immunovant Company Profile

(Free Report)

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.

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