Immunovant, Inc. $IMVT Shares Purchased by Affinity Asset Advisors LLC

Key Points

• Affinity Asset Advisors LLC significantly increased its stake in Immunovant, Inc. by 330.0% in the first quarter, owning 430,000 shares after purchasing an additional 330,000 shares.
• Despite a reported loss of ($0.60) EPS in its most recent earnings, Immunovant surpassed analysts' expectations by $0.09, as analysts project a yearly EPS decline of -2.69.
• The stock recently experienced a decrease of 2.3%, with shares trading at $14.89, while hedge funds and institutional investors collectively hold about 47.08% of the company's stock.

Affinity Asset Advisors LLC raised its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 330.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 430,000 shares of the company's stock after buying an additional 330,000 shares during the period. Immunovant makes up approximately 0.7% of Affinity Asset Advisors LLC's holdings, making the stock its 28th largest holding. Affinity Asset Advisors LLC owned about 0.25% of Immunovant worth $7,349,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new position in shares of Immunovant during the 1st quarter worth approximately $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Immunovant during the 1st quarter valued at $37,000. Headlands Technologies LLC acquired a new position in shares of Immunovant during the 1st quarter valued at $51,000. Covestor Ltd lifted its holdings in shares of Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after acquiring an additional 2,455 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in Immunovant by 256.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,979 shares of the company's stock worth $68,000 after buying an additional 2,863 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Trading Down 2.3%

Shares of IMVT opened at $14.89 on Tuesday. The company has a market cap of $2.60 billion, a price-to-earnings ratio of -5.22 and a beta of 0.66. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $34.47. The company's fifty day simple moving average is $16.37 and its 200 day simple moving average is $16.60.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its 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 quarter in the prior year, the firm posted ($0.60) earnings per share. As a group, research analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of the firm'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 $50,910.75. Following the transaction, the chief technology officer directly owned 204,919 shares in the company, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the transaction, the insider directly owned 221,825 shares of the company's stock, valued at approximately $4,026,123.75. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,869 shares of company stock worth $140,384. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. UBS Group upped their price objective on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Citigroup restated a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. Bank of America decreased their price objective on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 price target for the company in a report on Thursday, July 10th. One investment 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 stock. Based on data from MarketBeat, Immunovant currently has an average rating of "Moderate Buy" and an average target price of $35.20.

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.

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