2,330,716 Shares in Immunovant, Inc. $IMVT Acquired by ADAR1 Capital Management LLC

Key Points

• ADAR1 Capital Management acquired 2.33 million Immunovant shares worth approximately $89.8 million, making the biotech its fourth-largest portfolio holding and representing about 1.13% of IMVT.
• Immunovant’s stock opened at $43.50, near its 52-week high of $45.42, after rising substantially from its $14.47 low. The company reported quarterly revenue of $7.09 million but missed EPS expectations, posting a loss of $0.75 per share.
• Analysts maintain a “Moderate Buy” consensus, with seven Buy, three Hold, and one Sell rating and an average price target of $44.00. Meanwhile, company insiders sold 318,810 shares worth $11.2 million over the past 90 days.

ADAR1 Capital Management LLC bought a new stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,330,716 shares of the company's stock, valued at approximately $89,802,000. Immunovant makes up about 4.1% of ADAR1 Capital Management LLC's portfolio, making the stock its 4th largest holding. ADAR1 Capital Management LLC owned approximately 1.13% of Immunovant as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Immunovant by 8.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company's stock worth $708,000 after purchasing an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock worth $17,222,000 after buying an additional 329,354 shares during the last quarter. Strs Ohio acquired a new position in Immunovant during the 1st quarter valued at about $27,000. Legal & General Group Plc increased its position in Immunovant by 6.9% during the 2nd quarter. Legal & General Group Plc now owns 77,296 shares of the company's stock valued at $1,237,000 after buying an additional 5,010 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Immunovant by 20.7% in the second quarter. Invesco Ltd. now owns 66,750 shares of the company's stock valued at $1,068,000 after buying an additional 11,438 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Immunovant

In other Immunovant news, CFO Tiago Girao sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.46, for a total value of $384,600.00. Following the sale, the chief financial officer owned 247,596 shares in the company, valued at approximately $9,522,542.16. This represents a 3.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Tuyl Christopher Van sold 17,824 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $682,837.44. Following the sale, the insider directly owned 180,597 shares in the company, valued at $6,918,671.07. The trade was a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 318,810 shares of company stock valued at $11,158,166 in the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Immunovant Price Performance

NASDAQ:IMVT opened at $43.50 on Wednesday. The firm has a market capitalization of $8.98 billion, a P/E ratio of -15.43 and a beta of 0.77. Immunovant, Inc. has a 1-year low of $14.47 and a 1-year high of $45.42. The company's fifty day moving average price is $39.82 and its 200-day moving average price is $32.04.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same period in the previous year, the company earned ($0.71) EPS. Equities analysts anticipate that Immunovant, Inc. will post -2.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IMVT has been the topic of several research analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a research report on Monday, July 6th. Guggenheim raised their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a research note on Tuesday. 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 report on Thursday, May 21st. Finally, JPMorgan Chase & Co. upped their target price on Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently 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.

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