24,272 Shares in Immunovant, Inc. $IMVT Purchased by Inceptionr LLC

Inceptionr LLC bought a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) during the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 24,272 shares of the company’s stock, valued at approximately $603,000.

Other hedge funds have also modified their holdings of the company. Deep Track Capital LP boosted its position in Immunovant by 2.4% during the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after acquiring an additional 228,845 shares during the last quarter. Vanguard Group Inc. raised its holdings in Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after acquiring an additional 952,504 shares during the last quarter. Armistice Capital LLC raised its holdings in Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after purchasing an additional 2,887,359 shares during the last quarter. Finally, State Street Corp grew its position in shares of Immunovant by 30.9% in the fourth quarter. State Street Corp now owns 3,786,926 shares of the company’s stock valued at $96,264,000 after purchasing an additional 894,308 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Immunovant

In other news, COO Melanie Gloria sold 17,714 shares of Immunovant stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the completion of the transaction, the chief operating officer owned 224,393 shares in the company, valued at approximately $8,596,495.83. This trade represents a 7.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Tiago Girao sold 10,000 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.46, for a total transaction of $384,600.00. Following the completion of the sale, the chief financial officer directly owned 247,596 shares in the company, valued at approximately $9,522,542.16. This represents a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 327,312 shares of company stock valued at $11,418,145 in the last 90 days. Insiders own 1.80% of the company’s stock.

Immunovant Trading Up 0.1%

IMVT stock opened at $39.41 on Friday. The company has a market capitalization of $8.13 billion, a PE ratio of -14.18 and a beta of 0.76. Immunovant, Inc. has a 12-month low of $14.32 and a 12-month high of $41.23. The business’s fifty day moving average price is $35.87 and its 200 day moving average price is $29.67.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the prior year, the firm posted ($0.64) EPS. Research analysts predict that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IMVT shares. Citigroup boosted their price target on shares of Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Truist Financial lifted their target price on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Bank of America increased their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Finally, The Goldman Sachs Group raised their price target on shares of 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.70.

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.