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

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

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ADAR1 Capital Management LLC raised its holdings in Immunovant by 23.0% during the first quarter. ADAR1 Capital Management LLC now owns 968,866 shares of the company's stock worth $16,558,000 after purchasing an additional 181,388 shares in the last quarter. Vestal Point Capital LP raised its holdings in Immunovant by 677.8% during the first quarter. Vestal Point Capital LP now owns 350,000 shares of the company's stock worth $5,982,000 after purchasing an additional 305,000 shares in the last quarter. Baker BROS. Advisors LP raised its holdings in Immunovant by 219.6% during the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock worth $93,275,000 after purchasing an additional 3,750,000 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in Immunovant by 438.2% during the first quarter. Cubist Systematic Strategies LLC now owns 58,122 shares of the company's stock worth $993,000 after purchasing an additional 47,322 shares in the last quarter. Finally, Alpine Global Management LLC raised its holdings in Immunovant by 21.7% during the first quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company's stock worth $44,890,000 after purchasing an additional 467,788 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Activity at Immunovant

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 shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 transaction of $43,287.75. Following the transaction, the insider owned 221,825 shares in the company, 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 have sold 7,869 shares of company stock worth $140,384. Corporate insiders own 1.80% of the company's stock.

Immunovant Price Performance

NASDAQ IMVT traded down $0.64 on Friday, hitting $16.16. 2,863,904 shares of the stock were exchanged, compared to its average volume of 1,464,419. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $32.10. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of -5.67 and a beta of 0.45. The company's 50-day moving average price is $16.29 and its two-hundred day moving average price is $16.20.

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

Analyst Upgrades and Downgrades

IMVT has been the topic of several recent analyst reports. HC Wainwright reissued a "buy" rating and set a $35.00 target price on shares of Immunovant in a report on Thursday, September 4th. Citigroup restated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. UBS Group lifted their price target on shares of Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. JPMorgan Chase & Co. decreased their price target on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price target on the stock in a research report on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Immunovant has an average rating of "Moderate Buy" and an average price target of $33.60.

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.