Immunovant, Inc. $IMVT Holdings Boosted by Alpine Global Management LLC

Key Points

• Alpine Global Management LLC increased its stake in Immunovant, Inc. by 21.7% during the first quarter, making it the second-largest position in their portfolio.
• Immunovant reported an EPS of ($0.60) for the latest quarter, exceeding analysts' estimates by $0.09, while research analysts anticipate a projected EPS of (–2.69) for the current year.
• The stock has seen substantial activity from institutional investors, with 47.08% of its shares owned by hedge funds and other institutional investors, indicating strong interest in the company.

Alpine Global Management LLC grew its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 21.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,626,692 shares of the company's stock after purchasing an additional 467,788 shares during the quarter. Immunovant makes up about 11.9% of Alpine Global Management LLC's holdings, making the stock its 2nd largest position. Alpine Global Management LLC owned 1.55% of Immunovant worth $44,890,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 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 buying an additional 1,037 shares during the last quarter. Banque Pictet & Cie SA increased its holdings in shares of Immunovant by 1.3% in the 1st quarter. Banque Pictet & Cie SA now owns 147,397 shares of the company's stock valued at $2,519,000 after purchasing an additional 1,917 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Immunovant in the 1st quarter worth about $34,000. MetLife Investment Management LLC boosted its position in shares of Immunovant by 6.1% in the 4th quarter. MetLife Investment Management LLC now owns 35,648 shares of the company's stock worth $883,000 after buying an additional 2,040 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Immunovant in the 1st quarter worth about $37,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Price Performance

IMVT opened at $14.69 on Friday. The business has a 50-day moving average of $16.31 and a two-hundred day moving average of $16.50. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -5.15 and a beta of 0.66.

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

Insider Transactions at Immunovant

In other Immunovant news, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction dated 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 owned 221,825 shares of the company's stock, valued at approximately $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Jay S. Stout sold 2,805 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the sale, the chief technology officer directly owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,869 shares of company stock valued at $140,384. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on IMVT. UBS Group lifted their price objective on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. JPMorgan Chase & Co. dropped their price objective on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. Bank of America dropped their price objective on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Citigroup reiterated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. Finally, The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 price objective for the company in a research report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $35.20.

About Immunovant

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.

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