Assenagon Asset Management S.A. Has $639,000 Holdings in Immunovant, Inc. $IMVT

Key Points

• Assenagon Asset Management cut its Immunovant stake by 91.9% in the second quarter, selling 188,642 shares and retaining 16,577 shares valued at approximately $639,000. Institutional investors and hedge funds collectively own 47.08% of the company.
• Analysts maintain a generally positive view, with six Buy ratings, three Holds, and one Sell; Immunovant has a consensus “Moderate Buy” rating and an average price target of $44.
• Immunovant reported a quarterly loss of $0.75 per share, missing expectations by $0.12, while revenue of $7.09 million matched estimates. The stock opened at $41.82, near its 52-week high of $42.92.

Assenagon Asset Management S.A. trimmed its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 91.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,577 shares of the company's stock after selling 188,642 shares during the period. Assenagon Asset Management S.A.'s holdings in Immunovant were worth $639,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Geneos Wealth Management Inc. acquired a new position in Immunovant during the 4th quarter valued at $25,000. Strs Ohio bought a new stake in Immunovant in the 1st quarter valued at $27,000. PNC Financial Services Group Inc. grew its position in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock worth $46,000 after purchasing an additional 1,646 shares during the last quarter. Quarry LP grew its position in Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after purchasing an additional 1,461 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company's stock worth $98,000 after purchasing an additional 4,273 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IMVT. Bank of America upped their price objective on shares of Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. raised their target price on Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a report on Wednesday, July 29th. Truist Financial increased their price target on shares of Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a research report on Friday, May 22nd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research note on Monday, July 6th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $44.00.

Immunovant Stock Performance

Immunovant stock opened at $41.82 on Friday. The business's fifty day moving average is $38.19 and its two-hundred day moving average is $31.12. Immunovant, Inc. has a 52 week low of $14.47 and a 52 week high of $42.92. The firm has a market cap of $8.64 billion, a P/E ratio of -14.83 and a beta of 0.77.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same quarter last year, the business posted ($0.71) EPS. On average, equities research analysts predict that Immunovant, Inc. will post -2.72 earnings per share for the current year.

Insider Activity at Immunovant

In other news, insider Tuyl Christopher Van sold 1,206 shares of the firm's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $47,697.30. Following the transaction, the insider owned 179,391 shares of the company's stock, valued at approximately $7,094,914.05. This trade represents a 0.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 3,487 shares of the firm's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the completion of the transaction, the chief technology officer directly owned 208,198 shares in the company, valued at approximately $8,234,230.90. The trade was a 1.65% decrease in their ownership of the stock. 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. Insiders have sold a total of 324,810 shares of company stock valued at $11,350,166 over the last quarter. 1.90% of the stock is currently owned by corporate insiders.

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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