ADAR1 Capital Management LLC Sells 354,429 Shares of Immunovant, Inc. (NASDAQ:IMVT)

ADAR1 Capital Management LLC reduced its stake in shares of Immunovant, Inc. (NASDAQ:IMVT) by 31.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 787,478 shares of the company’s stock after selling 354,429 shares during the period. Immunovant comprises approximately 3.9% of ADAR1 Capital Management LLC’s holdings, making the stock its 7th biggest position. ADAR1 Capital Management LLC owned 0.46% of Immunovant worth $19,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC lifted its holdings in Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after buying an additional 560,344 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Immunovant by 50.0% during the fourth quarter. Wells Fargo & Company MN now owns 28,063 shares of the company’s stock worth $695,000 after purchasing an additional 9,349 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Immunovant in the fourth quarter worth $724,000. Geode Capital Management LLC increased its stake in Immunovant by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 1,515,020 shares of the company’s stock valued at $37,536,000 after purchasing an additional 4,094 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Immunovant by 5.9% during the fourth quarter. Alliancebernstein L.P. now owns 74,850 shares of the company’s stock worth $1,854,000 after purchasing an additional 4,200 shares during the period. Institutional investors own 47.08% of the company’s stock.

Immunovant Stock Down 7.6 %

IMVT stock opened at $14.58 on Monday. The company has a market capitalization of $2.48 billion, a P/E ratio of -5.56 and a beta of 0.81. The company has a 50-day simple moving average of $19.60 and a 200 day simple moving average of $24.71. Immunovant, Inc. has a fifty-two week low of $14.16 and a fifty-two week high of $34.47.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Equities analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current year.

Insiders Place Their Bets

In related news, Director Sciences Ltd. Roivant purchased 16,845,010 shares of the company’s stock in a transaction on Monday, January 13th. The shares were bought at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the acquisition, the director now owns 96,650,341 shares of the company’s stock, valued at approximately $1,933,006,820. This represents a 21.11 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares in the company, valued at $1,801,494.80. The trade was a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,510 shares of company stock worth $813,686. 5.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IMVT shares. Bank of America lowered their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Wells Fargo & Company lowered their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. HC Wainwright restated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Wednesday, March 19th. Finally, Guggenheim reiterated a “buy” rating on shares of Immunovant in a research note on Thursday, March 20th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Immunovant has a consensus rating of “Buy” and an average price target of $41.00.

Immunovant Profile

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.