Deep Track Capital LP Has $148.62 Million Position in Immunovant, Inc. (NASDAQ:IMVT)

Deep Track Capital LP lifted its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 38.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,000,000 shares of the company's stock after buying an additional 1,652,536 shares during the quarter. Immunovant makes up 5.5% of Deep Track Capital LP's portfolio, making the stock its 4th biggest position. Deep Track Capital LP owned approximately 3.53% of Immunovant worth $148,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Baker BROS. Advisors LP boosted its position in Immunovant by 39.4% during the 4th quarter. Baker BROS. Advisors LP now owns 1,707,881 shares of the company's stock valued at $42,304,000 after purchasing an additional 482,471 shares during the period. Bank of America Corp DE lifted its stake in Immunovant by 50.4% in the fourth quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock valued at $8,460,000 after buying an additional 114,511 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Immunovant during the fourth quarter valued at $2,110,000. Ameriprise Financial Inc. bought a new position in shares of Immunovant during the fourth quarter worth about $221,000. Finally, Boxer Capital Management LLC acquired a new stake in shares of Immunovant in the 4th quarter worth about $20,435,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Bank of America reduced their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Jefferies Financial Group initiated coverage on Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 price objective for the company. Guggenheim restated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. HC Wainwright reiterated a "buy" rating and set a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. Finally, Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 1,925 shares of the business's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value of $28,470.75. Following the transaction, the chief technology officer now owns 209,243 shares in the company, valued at $3,094,703.97. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 2,349 shares of the company's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value of $34,741.71. Following the completion of the transaction, the insider now directly owns 225,370 shares in the company, valued at approximately $3,333,222.30. The trade was a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,682 shares of company stock worth $753,419 in the last quarter. 5.90% of the stock is currently owned by corporate insiders.

Immunovant Trading Down 9.0 %

Shares of Immunovant stock opened at $13.86 on Wednesday. Immunovant, Inc. has a 1 year low of $12.72 and a 1 year high of $34.47. The company has a market cap of $2.35 billion, a P/E ratio of -5.29 and a beta of 0.75. The stock has a 50-day moving average price of $16.79 and a 200 day moving average price of $22.39.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). On average, equities analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Immunovant 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.

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