Cubist Systematic Strategies LLC Acquires 47,322 Shares of 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 stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 438.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,122 shares of the company's stock after buying an additional 47,322 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Immunovant were worth $993,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake in Immunovant by 21.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after acquiring an additional 1,037 shares during the period. Bank of America Corp DE increased its position in Immunovant by 50.4% in the fourth quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock worth $8,460,000 after buying an additional 114,511 shares during the period. Rhumbline Advisers increased its position in Immunovant by 3.2% in the first quarter. Rhumbline Advisers now owns 83,555 shares of the company's stock worth $1,428,000 after buying an additional 2,623 shares during the period. Northern Trust Corp increased its position in Immunovant by 4.0% in the fourth quarter. Northern Trust Corp now owns 527,367 shares of the company's stock worth $13,063,000 after buying an additional 20,377 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Immunovant by 19.2% in the first quarter. Teacher Retirement System of Texas now owns 18,122 shares of the company's stock worth $310,000 after buying an additional 2,919 shares during the period. Institutional investors own 47.08% of the company's stock.

Immunovant Stock Performance

Shares of NASDAQ:IMVT traded down $0.34 during midday trading on Friday, reaching $16.47. The company had a trading volume of 1,052,712 shares, compared to its average volume of 1,472,841. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $32.10. The company has a fifty day simple moving average of $16.31 and a two-hundred day simple moving average of $16.26. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -5.79 and a beta of 0.45.

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on IMVT. Bank of America dropped their target price on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. UBS Group increased their target price on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. JPMorgan Chase & Co. lowered their price target on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. Finally, The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research note on Thursday, July 10th. One research 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $33.60.

Insider Transactions at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $50,910.75. Following the transaction, the chief technology officer directly owned 204,919 shares of the company's stock, valued at $3,719,279.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction that occurred 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 directly owned 221,825 shares in the company, valued at approximately $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. Company insiders own 1.80% of the company's stock.

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.