Perceptive Advisors LLC Lowers Stake in Immunovant, Inc. $IMVT

Key Points

• Perceptive Advisors reduced its Immunovant stake by 19.9% in the first quarter, selling 397,507 shares and retaining 1.60 million shares valued at approximately $39.7 million. Institutional investors collectively own 47.08% of the company.
• Immunovant shares opened at $38.62, near their 52-week high of $41.23, while the company reported a quarterly loss of $0.73 per share—worse than the consensus estimate of $0.60.
• Analyst sentiment remains moderately bullish, with six Buy, three Hold, and one Sell rating and an average price target of $42.11; targets range from $30 to $61.

Perceptive Advisors LLC lessened its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 19.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,597,383 shares of the company's stock after selling 397,507 shares during the quarter. Immunovant makes up about 0.8% of Perceptive Advisors LLC's portfolio, making the stock its 29th biggest position. Perceptive Advisors LLC owned approximately 0.78% of Immunovant worth $39,679,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Aberdeen Group plc lifted its stake in shares of Immunovant by 20.6% during the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company's stock worth $30,100,000 after purchasing an additional 202,318 shares during the last quarter. Jennison Associates LLC purchased a new position in Immunovant in the fourth quarter valued at about $17,806,000. Pictet Asset Management Holding SA grew its stake in Immunovant by 24.0% in the first quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company's stock valued at $11,734,000 after purchasing an additional 91,539 shares during the last quarter. Two Seas Capital LP raised its holdings in Immunovant by 3.8% in the fourth quarter. Two Seas Capital LP now owns 2,866,962 shares of the company's stock worth $72,878,000 after purchasing an additional 104,922 shares in the last quarter. Finally, Profund Advisors LLC raised its holdings in Immunovant by 120.4% in the fourth quarter. Profund Advisors LLC now owns 49,076 shares of the company's stock worth $1,248,000 after purchasing an additional 26,810 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $38.62 on Friday. Immunovant, Inc. has a fifty-two week low of $14.32 and a fifty-two week high of $41.23. The company has a market cap of $7.97 billion, a PE ratio of -13.89 and a beta of 0.76. The business has a 50-day simple moving average of $36.65 and a two-hundred day simple moving average of $30.13.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted 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 quarter in the previous year, the business posted ($0.64) EPS. On average, sell-side analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IMVT has been the topic of a number of recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a report on Monday, July 6th. Bank of America boosted 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. Citigroup increased their target price 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. The Goldman Sachs Group raised their target price on shares of Immunovant from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Finally, Truist Financial lifted their price target on shares of Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a report on Friday, May 22nd. 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 stock. According to MarketBeat, Immunovant presently has an average rating of "Moderate Buy" and an average target price of $42.11.

Insider Activity at Immunovant

In other Immunovant news, CEO Eric Venker sold 3,092 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total transaction of $118,980.16. Following the transaction, the chief executive officer owned 254,280 shares in the company, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 3,487 shares of Immunovant stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $137,910.85. Following the sale, the chief technology officer owned 208,198 shares of the company's stock, valued at $8,234,230.90. The trade was a 1.65% decrease in their ownership of the stock. 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 324,810 shares of company stock worth $11,350,166 in the last 90 days. 1.90% of the stock is owned by insiders.

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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