Immunovant, Inc. $IMVT Shares Bought by ADAR1 Capital Management LLC

Key Points

• ADAR1 Capital Management LLC increased its stake in Immunovant, Inc. by 23% during the first quarter, holding approximately 968,866 shares valued at $16.56 million.
• Insider transactions included a sale of shares by executives, with Michael Geffner selling 2,385 shares for approximately $43,288, signifying a 1.06% decrease in his position.
• Wall Street analyst ratings show a consensus of a "Moderate Buy" for Immunovant, with target prices ranging from $18 to $40, reflecting varying outlooks on the stock's future performance.

ADAR1 Capital Management LLC grew its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 23.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 968,866 shares of the company's stock after purchasing an additional 181,388 shares during the period. Immunovant makes up 3.1% of ADAR1 Capital Management LLC's investment portfolio, making the stock its 6th largest position. ADAR1 Capital Management LLC owned 0.57% of Immunovant worth $16,558,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of IMVT. Baker BROS. Advisors LP grew its stake in shares of Immunovant by 219.6% in the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock worth $93,275,000 after acquiring an additional 3,750,000 shares in the last quarter. Deep Track Capital LP boosted its holdings in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the period. Two Seas Capital LP grew its stake in Immunovant by 123.4% during the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company's stock worth $37,443,000 after purchasing an additional 835,000 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Immunovant by 15.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company's stock worth $100,743,000 after purchasing an additional 777,590 shares in the last quarter. Finally, RTW Investments LP purchased a new stake in Immunovant during the 4th quarter worth about $13,143,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on IMVT shares. Bank of America dropped their price objective on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research report on Thursday, July 10th. Citigroup reissued a "buy" rating on shares of Immunovant in a report on Monday, August 11th. HC Wainwright reissued a "buy" rating and issued a $35.00 target price on shares of Immunovant in a research note on Thursday. Finally, UBS Group increased their price objective on shares of Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $33.60.

Immunovant Stock Performance

Shares of IMVT stock traded up $1.02 on Friday, hitting $17.14. The stock had a trading volume of 2,073,404 shares, compared to its average volume of 1,325,247. The stock's 50 day moving average is $16.31 and its 200-day moving average is $16.34. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of -6.01 and a beta of 0.45. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $34.47.

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, beating analysts' consensus estimates of ($0.69) by $0.09. During the same quarter in the previous year, the firm earned ($0.60) earnings per share. Equities analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Activity at Immunovant

In related news, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The stock was 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 of the company's stock, valued at $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $43,287.75. Following the completion of the sale, the insider owned 221,825 shares in the company, valued at approximately $4,026,123.75. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,869 shares of company stock worth $140,384. 1.80% of the stock is owned by 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.