Alpine Global Management LLC Has $66.77 Million Stock Position in Immunovant, Inc. $IMVT

Key Points

• Alpine Global Management trimmed its Immunovant stake by 4.6% in the fourth quarter but still held 2.63 million shares worth about $66.8 million, making IMVT its largest position and about 11.4% of its holdings.
• Several insiders sold shares in April, including COO Melanie Gloria and CTO Jay S. Stout, with both sales tied to tax withholding on vested equity awards. Insiders sold 297,215 shares worth about $9.48 million over the last quarter.
• Analysts remain mixed on Immunovant: Bank of America and Guggenheim raised targets and kept buy ratings, while the overall consensus is Hold with an average price target of $37.33. The stock recently traded near its 52-week high after gaining 1.8% to $35.34.

Alpine Global Management LLC cut its position in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 4.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,626,692 shares of the company's stock after selling 128,039 shares during the quarter. Immunovant comprises approximately 11.4% of Alpine Global Management LLC's holdings, making the stock its biggest position. Alpine Global Management LLC owned approximately 1.29% of Immunovant worth $66,771,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in IMVT. Empowered Funds LLC grew its position in shares of Immunovant by 4.5% in the 4th quarter. Empowered Funds LLC now owns 14,175 shares of the company's stock valued at $360,000 after acquiring an additional 610 shares during the period. Wellington Management Group LLP raised its holdings in shares of Immunovant by 2.7% in the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company's stock valued at $733,000 after purchasing an additional 755 shares during the period. Royal Bank of Canada lifted its stake in Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company's stock valued at $116,000 after purchasing an additional 780 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company's stock worth $578,000 after purchasing an additional 900 shares during the period. Finally, Banque Pictet & Cie SA grew its holdings in Immunovant by 0.9% during the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company's stock worth $2,920,000 after purchasing an additional 993 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Immunovant

In other Immunovant news, COO Melanie Gloria sold 8,722 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $216,567.26. Following the transaction, the chief operating officer owned 245,222 shares in the company, valued at $6,088,862.26. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 10,132 shares of Immunovant stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total value of $251,577.56. Following the sale, the chief technology officer directly owned 254,439 shares of the company's stock, valued at $6,317,720.37. This represents a 3.83% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 297,215 shares of company stock worth $9,481,453. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

IMVT has been the topic of several research analyst reports. Bank of America upped their price objective on Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Guggenheim lifted their target price on Immunovant from $44.00 to $62.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. The Goldman Sachs Group boosted 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 increased 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, Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research note on Wednesday, April 8th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $37.33.

Immunovant Stock Up 1.8%

Immunovant stock opened at $35.34 on Friday. The company's 50-day moving average price is $30.02 and its two-hundred day moving average price is $27.17. The stock has a market cap of $7.26 billion, a P/E ratio of -12.71 and a beta of 0.76. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $36.28.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.13). During the same period in the prior year, the company posted ($0.64) earnings per share. Equities analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Immunovant Profile

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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