Perceptive Advisors LLC Acquires 407,000 Shares of Immunovant, Inc. $IMVT

Perceptive Advisors LLC lifted its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 25.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,994,890 shares of the company’s stock after purchasing an additional 407,000 shares during the quarter. Perceptive Advisors LLC owned about 0.98% of Immunovant worth $50,710,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new stake in shares of Immunovant during the fourth quarter valued at approximately $25,000. Strs Ohio bought a new stake in shares of Immunovant during the first quarter valued at approximately $27,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Immunovant during the third quarter valued at approximately $33,000. PNC Financial Services Group Inc. boosted its position in shares of Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after purchasing an additional 1,646 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after purchasing an additional 1,461 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Citigroup restated a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. Bank of America boosted their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price on the stock. Finally, The Goldman Sachs Group boosted their target price on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Immunovant presently has a consensus rating of “Hold” and an average price target of $37.33.

Immunovant Stock Performance

Immunovant stock opened at $34.71 on Thursday. The stock has a market cap of $7.13 billion, a PE ratio of -12.49 and a beta of 0.76. Immunovant, Inc. has a one year low of $14.32 and a one year high of $36.28. The stock has a fifty day moving average of $29.80 and a 200 day moving average of $27.09.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter last year, the company earned ($0.64) earnings per share. As a group, sell-side analysts predict that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 221,951 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the completion of the sale, the director owned 74,382 shares of the company’s stock, valued at approximately $2,492,540.82. The trade was a 74.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert Graham Susman sold 2,502 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $27.17, for a total value of $67,979.34. Following the sale, the director directly owned 36,394 shares of the company’s stock, valued at $988,824.98. This represents a 6.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 297,215 shares of company stock valued at $9,481,453 in the last ninety days. 1.80% of the stock is currently owned by company insiders.

Immunovant Company Profile

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.