700,464 Shares in Immunovant, Inc. $IMVT Bought by Jennison Associates LLC

Key Points

• Jennison Associates LLC established a new stake in Immunovant by buying 700,464 shares worth about $17.8 million, representing roughly 0.40% of the company per its latest 13F filing.
• Several large institutions boosted positions—Vanguard now owns 7,779,314 shares (~$197.8M) while ADAR1 grew its stake 319% to 2,241,753 shares—and institutional investors collectively hold 47.08% of Immunovant.
• Company insiders have been selling to cover tax withholding: two insiders sold a combined 13,887 shares on April 8, and insiders have disposed of 72,141 shares (~$1.92M) in the past 90 days, leaving insiders with about 1.80% ownership.

Jennison Associates LLC acquired a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 700,464 shares of the company's stock, valued at approximately $17,806,000. Jennison Associates LLC owned about 0.40% of Immunovant as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of IMVT. ADAR1 Capital Management LLC grew its position in Immunovant by 319.0% during the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company's stock worth $36,137,000 after acquiring an additional 1,706,687 shares during the last quarter. Vanguard Group Inc. grew its position in Immunovant by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock worth $197,750,000 after acquiring an additional 952,504 shares during the last quarter. Armistice Capital LLC grew its position in Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company's stock worth $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Two Seas Capital LP grew its position in Immunovant by 22.6% during the 3rd quarter. Two Seas Capital LP now owns 2,762,040 shares of the company's stock worth $44,524,000 after acquiring an additional 509,268 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its position in Immunovant by 2,086.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 463,600 shares of the company's stock worth $7,418,000 after acquiring an additional 442,400 shares during the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 5,165 shares of the company's stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $128,246.95. Following the sale, the insider owned 183,231 shares of the company's stock, valued at approximately $4,549,625.73. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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, COO Melanie Gloria sold 8,722 shares of the company's stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $216,567.26. Following the sale, the chief operating officer directly owned 245,222 shares in the company, valued at $6,088,862.26. This trade represents a 3.43% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 72,141 shares of company stock valued at $1,923,713. 1.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

IMVT has been the topic of a number of research reports. Guggenheim boosted their price objective on Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, February 9th. Wolfe Research raised shares of Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 6th. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. Sanford C. Bernstein initiated coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a "market perform" rating and a $28.00 price objective on the stock. Finally, Truist Financial boosted their price objective on shares of Immunovant from $16.00 to $22.00 and gave the stock a "hold" rating in a research note on Thursday, January 8th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $32.44.

Immunovant Trading Down 0.1%

Shares of IMVT opened at $27.12 on Friday. The stock has a market capitalization of $5.52 billion, a P/E ratio of -10.08 and a beta of 0.70. The firm's fifty day simple moving average is $26.09 and its two-hundred day simple moving average is $24.98. Immunovant, Inc. has a 12 month low of $13.36 and a 12 month high of $30.09.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating analysts' consensus estimates of ($0.72) by $0.11. During the same quarter in the prior year, the firm posted ($0.76) EPS. As a group, research analysts predict that Immunovant, Inc. will post -2.67 EPS for the current fiscal year.

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.

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