Baker BROS. Advisors LP Has $93.28 Million Stock Position in Immunovant, Inc. $IMVT

Key Points

• Baker BROS. Advisors LP increased its stake in Immunovant, Inc. by 219.6% in the first quarter, owning over 5.4 million shares valued at approximately $93.3 million.
• Institutional investors collectively own 47.08% of Immunovant’s stock, with Vanguard Group and T. Rowe Price also raising their stakes in the company during the first quarter.
• Analysts have set a consensus price target of $35.20 for Immunovant, with ratings ranging from "Buy" to "Hold" despite recent adjustments by firms like Bank of America and JPMorgan Chase.

Baker BROS. Advisors LP boosted its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 219.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,457,881 shares of the company's stock after acquiring an additional 3,750,000 shares during the period. Immunovant accounts for 1.1% of Baker BROS. Advisors LP's investment portfolio, making the stock its 13th biggest holding. Baker BROS. Advisors LP owned approximately 3.21% of Immunovant worth $93,275,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FNY Investment Advisers LLC acquired a new position in Immunovant during the 1st quarter worth $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Immunovant during the 1st quarter worth $37,000. Headlands Technologies LLC acquired a new position in Immunovant during the 1st quarter worth $51,000. Covestor Ltd lifted its position in Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company's stock worth $64,000 after acquiring an additional 2,455 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in Immunovant by 256.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,979 shares of the company's stock worth $68,000 after acquiring an additional 2,863 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on IMVT shares. Citigroup reissued a "buy" rating on shares of Immunovant in a report on Monday, August 11th. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 price objective for the company in a research report on Thursday, July 10th. Bank of America cut their price objective on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. JPMorgan Chase & Co. cut their price objective on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $35.00 price objective on shares of Immunovant in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Immunovant currently has a consensus rating of "Moderate Buy" and an average target price of $33.60.

Immunovant Stock Performance

Shares of NASDAQ:IMVT traded down $0.58 during midday trading on Thursday, reaching $16.12. 1,882,813 shares of the company's stock were exchanged, compared to its average volume of 1,265,447. The company's 50 day simple moving average is $16.29 and its two-hundred day simple moving average is $16.40. The firm has a market capitalization of $2.81 billion, a PE ratio of -5.66 and a beta of 0.45. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.60) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.09. During the same quarter in the prior year, the company earned ($0.60) EPS. On average, research analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Transactions at Immunovant

In related news, CTO Jay S. Stout sold 2,805 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were 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 owned 204,919 shares in the company, valued at $3,719,279.85. This trade represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the 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 sale, the insider owned 221,825 shares of the company's stock, valued at $4,026,123.75. This trade represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,869 shares of company stock valued at $140,384 over the last ninety days. 1.80% of the stock is owned by insiders.

Immunovant Company 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.