Immunovant, Inc. $IMVT Shares Acquired by Baker BROS. Advisors LP

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 increased its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 219.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,457,881 shares of the company's stock after purchasing an additional 3,750,000 shares during the period. Immunovant accounts for 1.1% of Baker BROS. Advisors LP's portfolio, making the stock its 13th largest position. Baker BROS. Advisors LP owned approximately 3.21% of Immunovant worth $93,275,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Immunovant by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company's stock worth $118,551,000 after purchasing an additional 257,445 shares during the last quarter. Deep Track Capital LP lifted its holdings in shares of Immunovant by 38.0% in the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock worth $148,620,000 after purchasing an additional 1,652,536 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Immunovant by 15.2% in 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 during the last quarter. Alpine Global Management LLC lifted its holdings in shares of Immunovant by 21.7% in the 1st quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company's stock worth $44,890,000 after purchasing an additional 467,788 shares during the last quarter. Finally, Two Seas Capital LP lifted its holdings in shares of Immunovant by 123.4% in 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 during the last quarter. Institutional investors own 47.08% of the company's stock.

Immunovant Stock Performance

Shares of IMVT stock traded up $1.02 during mid-day trading on Friday, hitting $17.14. 2,073,404 shares of the stock traded hands, compared to its average volume of 1,396,589. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $34.47. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of -6.01 and a beta of 0.45. The company's 50-day simple moving average is $16.31 and its 200-day simple moving average is $16.32.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same period last year, the firm earned ($0.60) EPS. Analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on IMVT. Bank of America cut their target price on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research note on Thursday, July 10th. JPMorgan Chase & Co. cut their target price on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. UBS Group lifted their target price on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Immunovant has an average rating of "Moderate Buy" and an average price target of $33.60.

Insider Buying and Selling at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction on 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 in the company, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of the transaction, the insider owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,869 shares of company stock worth $140,384. 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.