Immunovant, Inc. $IMVT Shares Sold by BNP Paribas Financial Markets

Key Points

• BNP Paribas Financial Markets cut its Immunovant stake by 48.3% in the fourth quarter, selling 330,346 shares and leaving it with 353,056 shares valued at about $9.0 million.
• Insider selling has been active, with CEO Eric Venker and CFO Tiago Girao both trimming holdings; insiders have sold 300,092 shares worth $9.55 million over the last 90 days.
• Immunovant reported a wider-than-expected loss in its latest quarterly results, posting EPS of -$0.73 versus the -$0.60 consensus estimate, while analysts currently have a consensus rating of “Hold.”

BNP Paribas Financial Markets lowered its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 48.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 353,056 shares of the company's stock after selling 330,346 shares during the period. BNP Paribas Financial Markets owned about 0.20% of Immunovant worth $8,975,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of IMVT. ADAR1 Capital Management LLC raised its position in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company's stock valued at $36,137,000 after purchasing an additional 1,706,687 shares in the last quarter. Vanguard Group Inc. increased 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 valued at $197,750,000 after acquiring an additional 952,504 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Immunovant in the 4th quarter valued at about $17,806,000. Armistice Capital LLC increased 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 valued at $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Finally, Two Seas Capital LP increased its holdings in shares of Immunovant by 22.6% in the 3rd quarter. Two Seas Capital LP now owns 2,762,040 shares of the company's stock valued at $44,524,000 after acquiring an additional 509,268 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Insider Activity at Immunovant

In other news, CEO Eric Venker sold 14,229 shares of Immunovant stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $24.10, for a total value of $342,918.90. Following the completion of the sale, the chief executive officer owned 19,561 shares of the company's stock, valued at $471,420.10. The trade was a 42.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Tiago Girao sold 25,760 shares of the business's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $763,011.20. Following the sale, the chief financial officer directly owned 247,596 shares of the company's stock, valued at $7,333,793.52. This represents a 9.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 300,092 shares of company stock valued at $9,553,291 in the last ninety days. 1.80% of the stock is owned by insiders.

Immunovant Stock Performance

Shares of IMVT stock opened at $30.80 on Tuesday. The stock has a fifty day moving average price of $28.61 and a 200 day moving average price of $26.62. The stock has a market cap of $6.32 billion, a PE ratio of -11.08 and a beta of 0.76. Immunovant, Inc. has a 1 year low of $14.32 and a 1 year high of $36.28.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the business earned ($0.64) earnings per share. As a group, equities research analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

IMVT has been the topic of a number of recent analyst reports. Citigroup reiterated a "buy" rating on shares of Immunovant in a report on Thursday, May 21st. HC Wainwright raised their price target on Immunovant from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research note on Wednesday, April 8th. The Goldman Sachs Group raised their price target on Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. Finally, Sanford C. Bernstein assumed coverage on Immunovant in a research note on Friday, March 20th. They set a "market perform" rating and a $28.00 price target on the stock. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $37.33.

About Immunovant

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.

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