77,769 Shares in Immunovant, Inc. $IMVT Purchased by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC initiated a position in Immunovant by purchasing 77,769 shares valued at approximately $3.0 million. Institutional investors and hedge funds collectively own 47.08% of the company.
• Immunovant insiders sold 98,359 shares worth about $3.79 million over the past 90 days, including sizable sales by the CTO and COO.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $44.00. However, the company’s latest quarterly loss of $0.75 per share missed expectations of a $0.63 loss.

Squarepoint Ops LLC bought a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 77,769 shares of the company's stock, valued at approximately $2,996,000.

Other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC increased its position in shares of Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company's stock valued at $362,000 after purchasing an additional 381 shares during the period. Corient Private Wealth LP boosted its position in shares of Immunovant by 1.8% during the 2nd quarter. Corient Private Wealth LP now owns 24,522 shares of the company's stock valued at $945,000 after purchasing an additional 442 shares in the last quarter. Wellington Management Group LLP lifted its stake in Immunovant by 2.7% during the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company's stock valued at $733,000 after purchasing an additional 755 shares during the last quarter. Royal Bank of Canada lifted its stake in Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company's stock valued at $116,000 after purchasing an additional 780 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company's stock worth $578,000 after buying an additional 900 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Immunovant news, CTO Jay Stout sold 40,000 shares of the company's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the sale, the chief technology officer directly owned 211,685 shares of the company's stock, valued at approximately $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Melanie Gloria sold 17,714 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 98,359 shares of company stock worth $3,785,493 over the last ninety days. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Citigroup upped their target price on Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. HC Wainwright boosted their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, May 21st. Truist Financial increased their price objective on Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a research note on Friday, May 22nd. Guggenheim lifted their target price on shares of Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Immunovant in a research note on Tuesday, August 25th. Seven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Immunovant currently has a consensus rating of "Moderate Buy" and an average price target of $44.00.

Immunovant Price Performance

IMVT opened at $37.36 on Monday. The company has a market capitalization of $7.72 billion, a P/E ratio of -13.25 and a beta of 0.81. The firm's fifty day moving average price is $40.45 and its two-hundred day moving average price is $33.30. Immunovant, Inc. has a fifty-two week low of $14.58 and a fifty-two week high of $45.42.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analysts' expectations of $7.09 million. During the same period last year, the company posted ($0.71) EPS. On average, equities research analysts expect that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Immunovant Profile

Immunovant, Inc NASDAQ: IMVT is a clinical-stage biopharmaceutical company developing therapies for patients with immune-mediated diseases. The company focuses on conditions in which disease-causing antibodies, or immunoglobulin G (IgG), play a central role, including autoimmune and inflammatory disorders.

Immunovant's lead product candidate is batoclimab, an investigational fully human monoclonal antibody designed to block the neonatal Fc receptor (FcRn). By inhibiting FcRn, batoclimab is intended to reduce circulating IgG antibodies that can contribute to autoimmune disease.

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