ADAR1 Capital Management LLC Grows Stock Position in Immunovant, Inc. $IMVT

ADAR1 Capital Management LLC grew its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,679,010 shares of the company's stock after buying an additional 198,042 shares during the period. Immunovant accounts for about 3.9% of ADAR1 Capital Management LLC's holdings, making the stock its 4th biggest holding. ADAR1 Capital Management LLC owned 1.32% of Immunovant worth $66,547,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IMVT. Empowered Funds LLC increased its position in shares of Immunovant by 2.7% during the first quarter. Empowered Funds LLC now owns 14,556 shares of the company's stock worth $362,000 after buying an additional 381 shares during the period. Wellington Management Group LLP lifted its holdings in Immunovant by 2.7% in the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company's stock valued at $733,000 after buying an additional 755 shares during the period. Royal Bank of Canada boosted its position 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 acquiring an additional 780 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company's stock valued at $578,000 after acquiring an additional 900 shares during the last quarter. Finally, Banque Pictet & Cie SA grew its holdings in Immunovant by 0.9% during the 4th quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company's stock worth $2,920,000 after acquiring an additional 993 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Immunovant news, Director Andrew J. Fromkin sold 221,951 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the completion of the sale, the director directly owned 74,382 shares of the company's stock, valued at approximately $2,492,540.82. The trade was a 74.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Tiago Girao sold 10,000 shares of the 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 completion of the sale, the chief financial officer directly owned 247,596 shares of the company's stock, valued at approximately $9,522,542.16. This trade represents a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 327,312 shares of company stock worth $11,418,145 in the last 90 days. Company insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Citigroup lifted their price objective on Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. HC Wainwright raised their target price on Immunovant from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. The Goldman Sachs Group lifted their target price on Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Truist Financial boosted their price target on Immunovant from $23.00 to $30.00 and gave the company a "hold" rating in a research note on Friday, May 22nd. Finally, Guggenheim increased their price target on Immunovant from $44.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Immunovant presently has an average rating of "Moderate Buy" and a consensus target price of $42.11.

Immunovant Trading Down 3.0%

Shares of IMVT stock opened at $38.90 on Wednesday. The firm has a fifty day simple moving average of $36.39 and a two-hundred day simple moving average of $29.89. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $41.23. The firm has a market capitalization of $8.03 billion, a PE ratio of -13.99 and a beta of 0.76.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.13). During the same quarter in the previous year, the company earned ($0.64) EPS. On average, equities analysts predict that Immunovant, Inc. will post -2.65 earnings per share 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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