Immunovant, Inc. $IMVT Shares Purchased by Quantinno Capital Management LP

Key Points

• Quantinno Capital Management increased its Immunovant stake by 181.1% in the first quarter, while institutional investors collectively own 47.08% of the company.
• Immunovant shares opened at $41.82, near their 52-week high of $42.92. The company reported quarterly revenue of $7.09 million but missed earnings expectations, posting an EPS loss of $0.75 versus the $0.63 estimate.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $44.00, although insiders sold $11.35 million in shares over the past three months.

Quantinno Capital Management LP boosted its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 181.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,030 shares of the company's stock after buying an additional 25,787 shares during the period. Quantinno Capital Management LP's holdings in Immunovant were worth $994,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of IMVT. Deep Track Capital LP increased its position in shares of Immunovant by 2.4% during the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company's stock valued at $156,829,000 after acquiring an additional 228,845 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock worth $197,750,000 after acquiring an additional 952,504 shares during the last quarter. Armistice Capital LLC lifted its holdings in shares of Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company's stock worth $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Morgan Stanley boosted its position in shares of Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company's stock worth $123,195,000 after purchasing an additional 2,887,359 shares during the period. Finally, State Street Corp boosted its position in shares of Immunovant by 30.9% during the 4th quarter. State Street Corp now owns 3,786,926 shares of the company's stock worth $96,264,000 after purchasing an additional 894,308 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Stock Performance

NASDAQ IMVT opened at $41.82 on Monday. The firm has a 50 day simple moving average of $38.19 and a 200-day simple moving average of $31.15. Immunovant, Inc. has a one year low of $14.47 and a one year high of $42.92. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of -14.83 and a beta of 0.77.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analysts' expectations of $7.09 million. During the same period in the prior year, the business earned ($0.71) EPS. Equities analysts predict that Immunovant, Inc. will post -2.72 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Tiago Girao sold 10,000 shares of the company's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.46, for a total transaction of $384,600.00. Following the sale, the chief financial officer owned 247,596 shares of the company's stock, valued at approximately $9,522,542.16. This represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 40,000 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the completion of the sale, the chief technology officer owned 211,685 shares in the company, valued at approximately $8,109,652.35. The trade was a 15.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 324,810 shares of company stock worth $11,350,166 over the last three months. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

IMVT has been the subject of several research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a report on Monday, July 6th. Citigroup upped their price target on Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. HC Wainwright raised their price target on Immunovant from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st. Guggenheim lifted their price objective on Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Finally, Bank of America boosted their price objective on Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $44.00.

Immunovant Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source