Two Seas Capital LP Purchases New Holdings in Immunovant, Inc. $IMVT

Two Seas Capital LP acquired a new position in Immunovant, Inc. (NASDAQ:IMVT) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,148,505 shares of the company’s stock, valued at approximately $121,312,000. Immunovant accounts for 2.4% of Two Seas Capital LP’s investment portfolio, making the stock its 8th largest position. Two Seas Capital LP owned about 1.52% of Immunovant at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in shares of Immunovant by 2.7% in the first quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after buying an additional 381 shares during the period. Wellington Management Group LLP raised its position in Immunovant by 2.7% during the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after buying an additional 755 shares during the period. Royal Bank of Canada raised its position in Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after buying an additional 780 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after acquiring an additional 900 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in Immunovant in the 4th quarter worth about $25,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $47,697.30. Following the transaction, the insider owned 179,391 shares in the company, valued at $7,094,914.05. This represents a 0.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 3,487 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $137,910.85. Following the transaction, the chief technology officer owned 208,198 shares in the company, valued at approximately $8,234,230.90. This trade represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 318,810 shares of company stock valued at $11,158,166. 1.90% of the stock is owned by company insiders.

Immunovant Price Performance

IMVT opened at $44.37 on Friday. Immunovant, Inc. has a fifty-two week low of $14.47 and a fifty-two week high of $45.42. The business has a 50-day moving average of $39.42 and a 200-day moving average of $31.75. The company has a market capitalization of $9.16 billion, a PE ratio of -15.73 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the company posted ($0.71) EPS. On average, equities research analysts expect that Immunovant, Inc. will post -2.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IMVT has been the subject of a number of research reports. Guggenheim raised their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Bank of America upped their target price on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Citigroup increased their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. raised their price target on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, HC Wainwright boosted their price objective on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.00.

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.