Quinn Opportunity Partners LLC Increases Holdings in Immunovant, Inc. $IMVT

Quinn Opportunity Partners LLC increased its position in Immunovant, Inc. (NASDAQ:IMVT) by 45.6% during the second quarter, HoldingsChannel.com reports. The fund owned 51,108 shares of the company’s stock after acquiring an additional 16,008 shares during the quarter. Quinn Opportunity Partners LLC’s holdings in Immunovant were worth $818,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Immunovant by 3.9% during the first quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company’s stock worth $118,551,000 after purchasing an additional 257,445 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Immunovant by 15.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company’s stock worth $100,743,000 after buying an additional 777,590 shares during the last quarter. Baker BROS. Advisors LP boosted its position in shares of Immunovant by 219.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company’s stock worth $93,275,000 after buying an additional 3,750,000 shares in the last quarter. Alpine Global Management LLC grew its stake in Immunovant by 21.7% in the 1st quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company’s stock valued at $44,890,000 after acquiring an additional 467,788 shares during the last quarter. Finally, Two Seas Capital LP grew its stake in Immunovant by 8.7% in the 1st quarter. Two Seas Capital LP now owns 1,642,772 shares of the company’s stock valued at $28,075,000 after acquiring an additional 131,158 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on IMVT shares. HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of Immunovant in a research report on Thursday, September 4th. JPMorgan Chase & Co. cut their price objective on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, September 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Tuesday, October 14th. Bank of America cut their price target on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Finally, Citigroup reaffirmed a “buy” rating on shares of Immunovant in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.78.

Insiders Place Their Bets

In related news, insider Michael Geffner sold 2,595 shares of the stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total value of $49,382.85. Following the transaction, the insider directly owned 217,958 shares of the company’s stock, valued at approximately $4,147,740.74. This trade represents a 1.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 2,520 shares of Immunovant stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $47,955.60. Following the completion of the transaction, the chief technology officer owned 200,814 shares in the company, valued at $3,821,490.42. The trade was a 1.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 7,972 shares of company stock valued at $143,908. Insiders own 1.80% of the company’s stock.

Immunovant Price Performance

Shares of IMVT stock opened at $23.44 on Thursday. The firm’s 50-day simple moving average is $18.40 and its 200-day simple moving average is $16.69. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $30.25. The firm has a market cap of $4.11 billion, a P/E ratio of -8.25 and a beta of 0.60.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period in the previous year, the business earned ($0.74) EPS. Analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal 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.