Cubist Systematic Strategies LLC Raises Stock Holdings in Immunovant, Inc. $IMVT

Key Points

• Cubist Systematic Strategies LLC increased its stake in Immunovant, Inc. by 438.2% to own 58,122 shares, valued at approximately $993,000.
• In recent insider trading, CTO Jay S. Stout and another insider, Michael Geffner, sold shares, reducing their ownership by about 1.35% and 1.06% respectively.
• Analysts currently have a consensus rating of Moderate Buy for Immunovant, with an average price target of $33.60, despite Bank of America lowering their target from $33.00 to $30.00.

Cubist Systematic Strategies LLC lifted its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 438.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,122 shares of the company's stock after acquiring an additional 47,322 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Immunovant were worth $993,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of IMVT. FNY Investment Advisers LLC bought a new position in Immunovant in the 1st quarter valued at $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Immunovant during the 1st quarter worth $37,000. Headlands Technologies LLC purchased a new position in shares of Immunovant in the 1st quarter worth about $51,000. Covestor Ltd grew its position in Immunovant by 187.5% during the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after buying an additional 2,455 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its position in Immunovant by 256.5% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,979 shares of the company's stock valued at $68,000 after buying an additional 2,863 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IMVT. Bank of America decreased their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. reduced their price objective on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Tuesday, August 12th. HC Wainwright restated a "buy" rating and issued a $35.00 target price on shares of Immunovant in a research note on Thursday, September 4th. UBS Group increased their price target on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research note on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $33.60.

Insiders Place Their Bets

In other news, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $43,287.75. Following the completion of the sale, the insider directly 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 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 currently owned by insiders.

Immunovant Price Performance

IMVT stock traded down $0.64 during mid-day trading on Friday, reaching $16.16. 2,863,904 shares of the company traded hands, compared to its average volume of 1,464,419. The company has a fifty day moving average price of $16.29 and a 200-day moving average price of $16.20. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $32.10. The company has a market capitalization of $2.82 billion, a P/E ratio of -5.67 and a beta of 0.45.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.60) EPS for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same quarter in the previous year, the business earned ($0.60) EPS. As a group, analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

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.