Emerald Advisers LLC Sells 235,312 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Emerald Advisers LLC reduced its position in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 96.2% in the 1st quarter, according to its most recent filing with the SEC. The firm 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.

Several other hedge funds have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its position in Immunovant by 53.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company's stock valued at $126,754,000 after purchasing an additional 1,786,217 shares during the period. Deep Track Capital LP lifted its holdings in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after buying an additional 1,652,536 shares during the period. JPMorgan Chase & Co. boosted its stake in Immunovant by 405.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock valued at $28,568,000 after acquiring an additional 925,081 shares during the last quarter. Two Seas Capital LP grew its holdings in Immunovant by 123.4% during the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company's stock worth $37,443,000 after acquiring an additional 835,000 shares during the period. Finally, Boxer Capital Management LLC bought a new stake in shares of Immunovant during the 4th quarter valued at $20,435,000. Institutional investors own 47.08% of the company's stock.

Immunovant Trading Up 2.5%

Shares of IMVT stock traded up $0.46 on Monday, hitting $18.59. 1,337,808 shares of the stock were exchanged, compared to its average volume of 1,500,776. The firm has a market capitalization of $3.18 billion, a P/E ratio of -6.78 and a beta of 0.63. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $34.47. The business has a 50-day moving average of $15.49 and a 200 day moving average of $18.08.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.08. The business had revenue of $0.16 million for the quarter. During the same period in the prior year, the company earned ($0.52) earnings per share. As a group, research analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In related news, insider Michael Geffner sold 2,349 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $34,741.71. Following the completion of the transaction, the insider directly owned 225,370 shares of the company's stock, valued at approximately $3,333,222.30. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Eva Renee Barnett sold 2,993 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total value of $44,565.77. Following the transaction, the chief financial officer directly owned 396,774 shares in the company, valued at $5,907,964.86. This trade represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,267 shares of company stock valued at $277,864 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on IMVT shares. HC Wainwright restated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. Bank of America decreased their target price on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price target on the stock in a research report on Thursday. UBS Group restated a "neutral" rating and set a $17.00 price objective (down previously from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Finally, Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a research note on Thursday, March 20th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.30.

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.