Redmile Group LLC Lowers Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Redmile Group LLC decreased its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 11.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 571,824 shares of the company’s stock after selling 70,405 shares during the quarter. Immunovant comprises 1.0% of Redmile Group LLC’s holdings, making the stock its 29th largest holding. Redmile Group LLC owned approximately 0.34% of Immunovant worth $14,164,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. increased its position in shares of Immunovant by 53.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock valued at $126,754,000 after acquiring an additional 1,786,217 shares during the last quarter. Deep Track Capital LP increased its holdings in Immunovant by 38.0% in the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the last quarter. JPMorgan Chase & Co. raised its position in Immunovant by 405.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company’s stock valued at $28,568,000 after purchasing an additional 925,081 shares during the period. Two Seas Capital LP lifted its stake in Immunovant by 123.4% during the fourth quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock worth $37,443,000 after purchasing an additional 835,000 shares in the last quarter. Finally, Boxer Capital Management LLC acquired a new position in Immunovant during the fourth quarter worth $20,435,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Insider Transactions at Immunovant

In related news, insider Michael Geffner sold 2,349 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $34,741.71. Following the completion of the sale, the insider now owns 225,370 shares in the company, valued at $3,333,222.30. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares in the company, valued at $1,801,494.80. This represents a 8.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,682 shares of company stock valued at $753,419. 5.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on IMVT shares. Jefferies Financial Group began coverage on Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Bank of America cut their price target on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. UBS Group reaffirmed a “neutral” rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a research note on Tuesday, April 22nd. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $38.33.

Immunovant Stock Down 1.7%

NASDAQ IMVT opened at $13.78 on Thursday. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $34.47. The firm has a 50 day moving average of $16.15 and a two-hundred day moving average of $21.78. The stock has a market capitalization of $2.34 billion, a PE ratio of -5.26 and a beta of 0.75.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, equities research analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.