Jennison Associates LLC Acquires 2,496,241 Shares of Immunovant, Inc. $IMVT

Key Points

• Jennison Associates LLC increased its Immunovant stake by 356.4% in the first quarter, buying 2,496,241 additional shares and bringing its total to 3,196,705 shares worth about $79.4 million.
• Insider selling has continued, with director Atul Pande and CTO Jay S. Stout both selling shares recently; insiders have sold 355,826 shares worth $12.26 million over the last three months.
• Immunovant shares have been strong but remain unprofitable, opening at $40.26 near their 52-week high of $41.23, while the company reported a wider-than-expected quarterly loss and analysts’ consensus rating is currently “Hold.”

Jennison Associates LLC boosted its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 356.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,196,705 shares of the company's stock after purchasing an additional 2,496,241 shares during the period. Jennison Associates LLC owned approximately 1.57% of Immunovant worth $79,406,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in IMVT. Geneos Wealth Management Inc. bought a new position in shares of Immunovant during the fourth quarter valued at about $25,000. Strs Ohio purchased a new stake in Immunovant during the 1st quarter valued at about $27,000. PNC Financial Services Group Inc. boosted its holdings in Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock valued at $46,000 after acquiring an additional 1,646 shares during the period. Quarry LP grew its position in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after acquiring an additional 1,461 shares during the last quarter. Finally, FNY Investment Advisers LLC grew its position in Immunovant by 100.0% during the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company's stock worth $101,000 after acquiring an additional 2,000 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Atul Pande sold 1,500 shares of the firm's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.01, for a total value of $57,015.00. Following the completion of the sale, the director owned 116,731 shares of the company's stock, valued at $4,436,945.31. This trade represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jay S. Stout sold 3,487 shares of Immunovant stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the completion of the sale, the chief technology officer owned 208,198 shares in the company, valued at approximately $8,234,230.90. This trade represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 355,826 shares of company stock valued at $12,262,730 over the last three months. Insiders own 1.80% of the company's stock.

Immunovant Price Performance

IMVT opened at $40.26 on Monday. The business has a 50 day simple moving average of $34.79 and a two-hundred day simple moving average of $29.21. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of -14.48 and a beta of 0.76. Immunovant, Inc. has a one year low of $14.32 and a one year high of $41.23.

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

Analyst Ratings Changes

Several analysts have weighed in on IMVT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research report on Monday, July 6th. Truist Financial raised their target price on shares of Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a report on Friday, May 22nd. Bank of America lifted their target price on shares of Immunovant from $32.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. HC Wainwright upped their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, May 21st. Finally, Citigroup increased their price target on shares of Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $39.70.

Immunovant Company 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.

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