Platinum Investment Management Ltd. Grows Position in Immunovant, Inc. $IMVT

Key Points

• Platinum Investment Management Ltd. increased its holdings in Immunovant, Inc. by 24.7% during the second quarter, owning approximately 195,727 shares valued at $3.13 million.
• Several other large investors have also bought new stakes in Immunovant, with institutional ownership now at 47.08% of the company's stock.
• Immunovant reported an earnings per share of ($0.60), beating consensus estimates, while analysts have given the company an average rating of "Moderate Buy".

Platinum Investment Management Ltd. raised its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 24.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,727 shares of the company's stock after buying an additional 38,738 shares during the quarter. Platinum Investment Management Ltd. owned about 0.11% of Immunovant worth $3,132,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Strs Ohio purchased a new stake in Immunovant during the 1st quarter valued at about $27,000. FNY Investment Advisers LLC purchased a new stake in shares of Immunovant in the first quarter valued at approximately $34,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Immunovant in the first quarter valued at approximately $37,000. Farther Finance Advisors LLC grew its position in shares of Immunovant by 142,750.0% in the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company's stock valued at $46,000 after purchasing an additional 2,855 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Immunovant in the first quarter valued at approximately $51,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Immunovant Trading Up 1.4%

NASDAQ IMVT opened at $16.34 on Thursday. The stock has a market cap of $2.85 billion, a PE ratio of -5.73 and a beta of 0.48. The stock has a fifty day simple moving average of $15.74 and a 200-day simple moving average of $15.87. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $32.10.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.09. During the same quarter in the previous year, the business posted ($0.60) EPS. Research analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Buying and Selling at Immunovant

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Bank of America dropped their target price on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. UBS Group upped their target price on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. HC Wainwright reissued a "buy" rating and issued a $35.00 price objective on shares of Immunovant in a report on Thursday, September 4th. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 price objective for the company in a report on Thursday, July 10th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Immunovant from $37.00 to $33.00 and set an "overweight" rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $33.20.

Immunovant 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.

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