PSP Research LLC Buys Shares of 20,305 Immunovant, Inc. $IMVT

PSP Research LLC bought a new stake in Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 20,305 shares of the company’s stock, valued at approximately $516,000.

A number of other hedge funds also recently added to or reduced their stakes in IMVT. Geneos Wealth Management Inc. purchased a new position in Immunovant in the fourth quarter valued at about $25,000. Strs Ohio purchased a new position in Immunovant in the first quarter valued at about $27,000. Aster Capital Management DIFC Ltd purchased a new position in Immunovant in the third quarter valued at about $33,000. PNC Financial Services Group Inc. increased its holdings in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after buying an additional 1,646 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock worth $98,000 after purchasing an additional 4,273 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Tuyl Christopher Van sold 5,165 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $128,246.95. Following the sale, the insider owned 183,231 shares in the company, valued at approximately $4,549,625.73. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Robert Graham Susman sold 2,502 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $27.17, for a total transaction of $67,979.34. Following the sale, the director owned 36,394 shares in the company, valued at approximately $988,824.98. This trade represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 72,141 shares of company stock valued at $1,923,713 in the last 90 days. Insiders own 1.80% of the company’s stock.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $26.29 on Wednesday. Immunovant, Inc. has a 1 year low of $13.79 and a 1 year high of $30.16. The firm’s 50 day moving average price is $26.30 and its 200 day moving average price is $25.71. The firm has a market cap of $5.35 billion, a P/E ratio of -9.77 and a beta of 0.70.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Guggenheim raised their price objective on shares of Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Finally, HC Wainwright reissued a “buy” rating and set a $35.00 price objective on shares of Immunovant in a research note on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $32.44.

About Immunovant

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.