Knott David M Jr Has $384,000 Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Key Points

• Knott David M Jr sold 69,557 shares of Immunovant, Inc., reducing his holdings by 75.6%, leaving him with 22,443 shares valued at approximately $384,000.
• Various institutional investors have been active, with Mirae Asset Global Investments increasing its holdings by 21.2%, while Covestor Ltd saw a remarkable 187.5% increase in its position during the same period.
• Analysts have upgraded Immunovant, with Goldman Sachs changing its rating to "hold" and setting a target price of $18.00, while the average target price for the stock is currently $35.33.

Knott David M Jr lowered its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 75.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,443 shares of the company's stock after selling 69,557 shares during the period. Knott David M Jr's holdings in Immunovant were worth $384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. FNY Investment Advisers LLC acquired a new stake in shares of Immunovant in the first quarter valued at approximately $34,000. Headlands Technologies LLC acquired a new stake in shares of Immunovant in the first quarter valued at approximately $51,000. GF Fund Management CO. LTD. acquired a new stake in shares of Immunovant in the fourth quarter valued at approximately $76,000. Covestor Ltd increased its holdings in shares of Immunovant by 187.5% in the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after purchasing an additional 2,455 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Immunovant by 3,816.8% in the first quarter. GAMMA Investing LLC now owns 5,366 shares of the company's stock valued at $920,000 after purchasing an additional 5,229 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Price Performance

Shares of NASDAQ IMVT traded down $0.13 during midday trading on Friday, reaching $15.07. 722,065 shares of the stock were exchanged, compared to its average volume of 1,463,088. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -5.29 and a beta of 0.66. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The business has a 50-day simple moving average of $16.53 and a two-hundred day simple moving average of $16.98.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the prior year, the firm earned ($0.60) earnings per share. Equities research analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the completion of the sale, the insider directly owned 221,825 shares of the company's stock, valued at $4,026,123.75. This represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,869 shares of company stock worth $140,384 over the last 90 days. 1.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on IMVT shares. UBS Group raised their price target on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Bank of America reduced their price objective on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. reduced their price objective on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Tuesday. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research note on Thursday, July 10th. Finally, Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research note on Monday. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $35.20.

Immunovant Company 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.