Orbimed Advisors LLC Acquires New Stake in Immunovant, Inc. (NASDAQ:IMVT)

Orbimed Advisors LLC bought a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 78,500 shares of the company’s stock, valued at approximately $1,944,000.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares in the last quarter. ABC Arbitrage SA bought a new stake in Immunovant during the fourth quarter valued at approximately $734,000. Vanguard Group Inc. grew its stake in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock worth $165,449,000 after buying an additional 20,614 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Immunovant by 1.5% in the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after buying an additional 1,188 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of Immunovant by 4.0% during the 4th quarter. Sei Investments Co. now owns 40,456 shares of the company’s stock valued at $1,002,000 after buying an additional 1,541 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Immunovant

In related news, insider Michael Geffner sold 2,349 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value of $34,741.71. Following the sale, the insider now directly owns 225,370 shares of the company’s stock, valued at $3,333,222.30. This trade represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Salzmann sold 28,094 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total value of $364,941.06. Following the transaction, the chief executive officer now directly owns 1,186,512 shares of the company’s stock, valued at $15,412,790.88. The trade was a 2.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,682 shares of company stock worth $753,419. 5.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

IMVT has been the subject of several research reports. Guggenheim reiterated a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. UBS Group reiterated a “neutral” rating and issued a $17.00 price objective (down from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Bank of America reduced their price objective on Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. HC Wainwright restated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research report on Wednesday, March 19th. Finally, Jefferies Financial Group initiated coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 price target on the stock. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.33.

Immunovant Stock Performance

Shares of IMVT stock opened at $14.55 on Tuesday. The company has a market capitalization of $2.47 billion, a P/E ratio of -5.55 and a beta of 0.75. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $34.47. The stock has a 50 day moving average price of $16.38 and a two-hundred day moving average price of $21.89.

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

About Immunovant

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.