Adage Capital Partners GP L.L.C. Has $362,000 Holdings in Immunovant, Inc. $IMVT

Adage Capital Partners GP L.L.C. reduced its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 92.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,200 shares of the company's stock after selling 278,800 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in Immunovant were worth $362,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. FNY Investment Advisers LLC acquired a new stake in shares of Immunovant during the 1st quarter worth $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Immunovant during the 1st quarter worth $37,000. Headlands Technologies LLC acquired a new stake in shares of Immunovant during the 1st quarter worth $51,000. Covestor Ltd grew its holdings in shares of Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company's stock worth $64,000 after purchasing an additional 2,455 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Immunovant by 256.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,979 shares of the company's stock worth $68,000 after purchasing an additional 2,863 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IMVT has been the topic of several research analyst reports. Bank of America reduced their price objective on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. JPMorgan Chase & Co. reduced their price objective on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. UBS Group raised their price objective on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $35.00 price objective on shares of Immunovant in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $33.60.

Immunovant Stock Down 2.7%

Immunovant stock traded down $0.45 during trading hours on Friday, hitting $16.35. The stock had a trading volume of 1,110,372 shares, compared to its average volume of 1,473,854. Immunovant, Inc. has a one year low of $12.72 and a one year high of $32.10. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of -5.74 and a beta of 0.45. The business's 50 day simple moving average is $16.31 and its 200-day simple moving average is $16.26.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.09. During the same period in the prior year, the company earned ($0.60) EPS. Research analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the sale, the chief technology officer directly owned 204,919 shares in the company, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of the sale, the insider owned 221,825 shares of the company's stock, valued at approximately $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,869 shares of company stock valued at $140,384. 1.80% of the stock is currently owned by corporate insiders.

About Immunovant

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.