Immunovant, Inc. $IMVT Stock Holdings Boosted by Two Seas Capital LP

Two Seas Capital LP raised its stake in shares of Immunovant, Inc. (NASDAQ:IMVT) by 46.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,612,692 shares of the company’s stock after acquiring an additional 1,464,187 shares during the period. Immunovant makes up 1.8% of Two Seas Capital LP’s investment portfolio, making the stock its 6th biggest holding. Two Seas Capital LP’s holdings in Immunovant were worth $155,817,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Engineers Gate Manager LP increased its holdings in shares of Immunovant by 179.7% in the second quarter. Engineers Gate Manager LP now owns 24,220 shares of the company’s stock valued at $933,000 after purchasing an additional 15,560 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Immunovant during the second quarter worth $2,996,000. Nykredit A S acquired a new stake in shares of Immunovant during the second quarter worth $174,000. Corient Private Wealth LP grew its position in Immunovant by 1.8% in the 2nd quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock valued at $945,000 after buying an additional 442 shares during the last quarter. Finally, Amundi grew its position in Immunovant by 6.1% in the 2nd quarter. Amundi now owns 70,948 shares of the company’s stock valued at $2,734,000 after buying an additional 4,100 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CTO Jay Stout sold 3,487 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $137,910.85. Following the completion of the transaction, the chief technology officer directly owned 208,198 shares of the company’s stock, valued at $8,234,230.90. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christopher Van Tuyl sold 2,846 shares of Immunovant stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $36.36, for a total value of $103,480.56. Following the transaction, the insider directly owned 176,545 shares of the company’s stock, valued at approximately $6,419,176.20. This represents a 1.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 14,581 shares of company stock worth $554,107. 1.90% of the stock is owned by insiders.

Immunovant Stock Down 3.4%

Shares of NASDAQ IMVT traded down $1.14 during midday trading on Tuesday, hitting $32.11. The company had a trading volume of 1,673,988 shares, compared to its average volume of 1,515,794. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of -11.39 and a beta of 0.84. Immunovant, Inc. has a twelve month low of $15.95 and a twelve month high of $45.42. The business has a 50-day simple moving average of $38.89 and a two-hundred day simple moving average of $34.35.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same quarter in the prior year, the firm earned ($0.71) EPS. On average, equities analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. UBS Group reaffirmed a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Citigroup reaffirmed a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. 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. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Tuesday, August 25th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

About Immunovant

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.