Jupiter Topco LLC Purchases Shares of 26,031 Immunovant, Inc. $IMVT

Key Points

• Jupiter Topco LLC acquired 26,031 Immunovant shares worth approximately $1.0 million during the second quarter. Institutional investors collectively own 47.08% of the company.
• Immunovant insiders have been selling shares, including its CFO and another executive; insiders sold 98,359 shares worth about $3.79 million over the past 90 days.
• The stock traded at $39.25, while analysts maintain a “Moderate Buy” consensus and an average price target of $44. The company’s latest quarterly loss of $0.75 per share was wider than the expected $0.63 loss.

Jupiter Topco LLC acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,031 shares of the company's stock, valued at approximately $1,003,000.

Several other institutional investors have also recently modified their holdings of the company. Deep Track Capital LP lifted its holdings 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 worth $156,829,000 after purchasing an additional 228,845 shares during the period. Vanguard Group Inc. boosted its position in Immunovant by 14.0% in the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock valued at $197,750,000 after buying an additional 952,504 shares during the last quarter. BlackRock Inc. acquired a new position in Immunovant in the 2nd quarter worth approximately $276,680,000. Armistice Capital LLC increased its holdings in 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 buying an additional 636,000 shares during the period. Finally, Morgan Stanley raised its position in 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 buying an additional 2,887,359 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Christopher Van Tuyl sold 17,824 shares of the business's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $682,837.44. Following the completion of the transaction, the insider directly owned 180,597 shares in the company, valued at $6,918,671.07. The trade was a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Tiago Girão sold 10,000 shares of the 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 directly owned 247,596 shares in the company, valued at $9,522,542.16. This trade represents a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 98,359 shares of company stock worth $3,785,493. 1.90% of the stock is currently owned by corporate insiders.

Immunovant Trading Up 0.3%

Shares of IMVT stock opened at $39.25 on Friday. The stock has a 50 day moving average of $40.44 and a 200 day moving average of $32.83. The stock has a market cap of $8.11 billion, a P/E ratio of -13.92 and a beta of 0.81. Immunovant, Inc. has a twelve month low of $14.58 and a twelve month high of $45.42.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The business had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the previous year, the firm earned ($0.71) earnings per share. On average, research analysts predict that Immunovant, Inc. will post -2.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IMVT has been the subject of several research reports. Guggenheim lifted their price objective on shares of Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Bank of America increased their price objective 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. Sanford C. Bernstein upgraded shares of Immunovant to a "hold" rating in a research report on Wednesday, July 29th. HC Wainwright boosted their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Finally, Truist Financial upped their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a "hold" rating in a report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, 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.

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