Erste Asset Management GmbH Boosts Stake in Immunovant, Inc. $IMVT

Erste Asset Management GmbH raised its position in Immunovant, Inc. (NASDAQ:IMVT) by 144.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 128,500 shares of the company’s stock after buying an additional 76,000 shares during the period. Erste Asset Management GmbH’s holdings in Immunovant were worth $3,291,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IMVT. ADAR1 Capital Management LLC raised its stake in shares of Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after purchasing an additional 1,706,687 shares in the last quarter. Vanguard Group Inc. grew its position in Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock worth $197,750,000 after purchasing an additional 952,504 shares during the last quarter. Jennison Associates LLC bought a new position in Immunovant in the 4th quarter worth about $17,806,000. Armistice Capital LLC grew its position in Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after purchasing an additional 636,000 shares during the last quarter. Finally, Two Seas Capital LP grew its position in Immunovant by 22.6% in the 3rd quarter. Two Seas Capital LP now owns 2,762,040 shares of the company’s stock worth $44,524,000 after purchasing an additional 509,268 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IMVT has been the subject of several recent analyst reports. Truist Financial increased their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a report on Friday, May 22nd. Citigroup restated a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. Sanford C. Bernstein initiated coverage on shares of Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target for the company. The Goldman Sachs Group increased their target price on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Finally, Guggenheim increased their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Immunovant currently has an average rating of “Hold” and an average target price of $37.33.

Insider Buying and Selling

In other news, CFO Tiago Girao sold 25,760 shares of Immunovant stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $763,011.20. Following the sale, the chief financial officer directly owned 247,596 shares in the company, valued at approximately $7,333,793.52. The trade was a 9.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 6,000 shares of Immunovant stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $32.00, for a total transaction of $192,000.00. Following the sale, the director owned 116,731 shares in the company, valued at approximately $3,735,392. This trade represents a 4.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 300,092 shares of company stock worth $9,553,291. 1.80% of the stock is currently owned by corporate insiders.

Immunovant Price Performance

Shares of IMVT opened at $31.61 on Wednesday. The company has a market capitalization of $6.49 billion, a PE ratio of -11.37 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 company’s fifty day moving average price is $28.76 and its 200 day moving average price is $26.68.

Immunovant (NASDAQ:IMVT) last posted 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 period in the prior year, the business posted ($0.64) EPS. Analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Immunovant 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.