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

Several other institutional investors have also recently added to or reduced their stakes in the business. Vestal Point Capital LP increased its stake in Immunovant by 677.8% during the first quarter. Vestal Point Capital LP now owns 350,000 shares of the company's stock valued at $5,982,000 after purchasing an additional 305,000 shares during the last quarter. Baker BROS. Advisors LP increased its stake in Immunovant by 219.6% during the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock valued at $93,275,000 after purchasing an additional 3,750,000 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in Immunovant by 438.2% during the first quarter. Cubist Systematic Strategies LLC now owns 58,122 shares of the company's stock valued at $993,000 after purchasing an additional 47,322 shares during the last quarter. Alpine Global Management LLC increased its stake in Immunovant by 21.7% during the first quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company's stock valued at $44,890,000 after purchasing an additional 467,788 shares during the last quarter. Finally, DAFNA Capital Management LLC increased its stake in Immunovant by 57.4% during the first quarter. DAFNA Capital Management LLC now owns 169,996 shares of the company's stock valued at $2,905,000 after purchasing an additional 62,000 shares during the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Activity

In related news, insider Michael Geffner sold 2,385 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were 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 $4,026,123.75. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of the company'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 $50,910.75. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 7,869 shares of company stock valued at $140,384 in the last ninety days. Corporate insiders own 1.80% of the company's stock.

Immunovant Trading Down 3.5%

IMVT stock traded down $0.58 during trading on Thursday, hitting $16.12. The company had a trading volume of 1,882,813 shares, compared to its average volume of 1,265,447. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -5.66 and a beta of 0.45. The business has a 50 day moving average of $16.29 and a 200 day moving average of $16.40. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two 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, topping the consensus estimate of ($0.69) by $0.09. During the same quarter last year, the company posted ($0.60) earnings per share. As a group, equities analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on IMVT. HC Wainwright reiterated a "buy" rating and set a $35.00 target price on shares of Immunovant in a research note on Thursday. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 price target for the company in a report on Thursday, July 10th. JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Tuesday, August 12th. Citigroup reissued a "buy" rating on shares of Immunovant in a report on Monday, August 11th. Finally, UBS Group boosted their price target on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.60.

Immunovant Profile

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.