Emerald Advisers LLC Reduces Stock Position in Immunovant, Inc. (NASDAQ:IMVT)

Emerald Advisers LLC decreased its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 96.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,246 shares of the company's stock after selling 235,312 shares during the period. Emerald Advisers LLC's holdings in Immunovant were worth $158,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its stake in shares of Immunovant by 4.5% in the 4th quarter. FMR LLC now owns 13,097,915 shares of the company's stock valued at $324,435,000 after acquiring an additional 560,344 shares during the last quarter. Vanguard Group Inc. increased its stake in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock worth $165,449,000 after purchasing an additional 20,614 shares during the period. Deep Track Capital LP increased its stake in 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 period. T. Rowe Price Investment Management Inc. increased its stake in Immunovant by 53.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company's stock worth $126,754,000 after purchasing an additional 1,786,217 shares during the period. Finally, Alpine Global Management LLC increased its stake in Immunovant by 14.7% in the 4th quarter. Alpine Global Management LLC now owns 2,158,904 shares of the company's stock worth $53,476,000 after purchasing an additional 276,200 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 1,519 shares of Immunovant stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $17.24, for a total transaction of $26,187.56. Following the completion of the transaction, the chief technology officer owned 207,724 shares in the company, valued at approximately $3,581,161.76. This trade represents a 0.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Geffner sold 2,349 shares of Immunovant stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total value of $34,741.71. Following the completion of the transaction, the insider owned 225,370 shares of the company's stock, valued at approximately $3,333,222.30. This represents a 1.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,953 shares of company stock valued at $109,398 in the last three months. Insiders own 1.80% of the company's stock.

Immunovant Trading Up 2.6%

Shares of NASDAQ IMVT traded up $0.47 during midday trading on Thursday, hitting $18.28. The company's stock had a trading volume of 915,417 shares, compared to its average volume of 1,221,950. The business's 50 day moving average is $15.78 and its two-hundred day moving average is $17.99. The firm has a market cap of $3.13 billion, a P/E ratio of -6.67 and a beta of 0.63. 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 Thursday, May 29th. The company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.08. The firm had revenue of $0.16 million for the quarter. During the same quarter in the prior year, the firm earned ($0.52) EPS. On average, analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IMVT shares. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 price target on the stock in a research note on Thursday, July 10th. UBS Group reissued a "neutral" rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a research note on Tuesday, April 22nd. Guggenheim reissued a "buy" rating on shares of Immunovant in a research note on Thursday, March 20th. Bank of America reduced their target price on Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Finally, HC Wainwright reissued a "buy" rating and set a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.30.

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.