Redmile Group LLC Cuts Stock Holdings in Immunovant, Inc. $IMVT

Key Points

• Redmile Group LLC has reduced its stake in Immunovant, Inc. by 14.2%, now owning 490,394 shares, which constitutes 0.8% of its investment portfolio.
• Insider selling activity was reported, with key executives Michael Geffner and CTO Jay S. Stout each selling shares at an average price of $18.15, reflecting minor decreases in their holdings.
• Analyst ratings for Immunovant are predominantly positive, with a consensus rating of "Moderate Buy" and an average price target of $35.20, despite recent price target adjustments by some firms.

Redmile Group LLC decreased its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 14.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 490,394 shares of the company's stock after selling 81,430 shares during the quarter. Immunovant accounts for 0.8% of Redmile Group LLC's portfolio, making the stock its 26th largest position. Redmile Group LLC owned about 0.29% of Immunovant worth $8,381,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Immunovant by 21.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after buying an additional 1,037 shares during the last quarter. Bank of America Corp DE lifted its position in Immunovant by 50.4% during the fourth quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock valued at $8,460,000 after purchasing an additional 114,511 shares during the period. Rhumbline Advisers lifted its position in Immunovant by 3.2% during the first quarter. Rhumbline Advisers now owns 83,555 shares of the company's stock valued at $1,428,000 after purchasing an additional 2,623 shares during the period. Northern Trust Corp lifted its position in Immunovant by 4.0% during the fourth quarter. Northern Trust Corp now owns 527,367 shares of the company's stock valued at $13,063,000 after purchasing an additional 20,377 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in Immunovant by 19.2% during the first quarter. Teacher Retirement System of Texas now owns 18,122 shares of the company's stock valued at $310,000 after purchasing an additional 2,919 shares during the period. Hedge funds and other institutional investors own 47.08% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on IMVT. Citigroup restated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research report on Thursday, July 10th. JPMorgan Chase & Co. lowered their price objective on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. HC Wainwright restated a "buy" rating and set a $35.00 price objective on shares of Immunovant in a research report on Thursday. Finally, UBS Group increased their price objective on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $33.60.

Insider Buying and Selling at Immunovant

In other news, insider Michael Geffner sold 2,385 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the sale, the insider directly owned 221,825 shares in the company, valued at $4,026,123.75. This trade represents a 1.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jay S. Stout sold 2,805 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the sale, the chief technology officer owned 204,919 shares in the company, valued at $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. 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. Insiders own 1.80% of the company's stock.

Immunovant Stock Down 3.5%

IMVT traded down $0.58 during trading on Thursday, hitting $16.12. The company's stock had a trading volume of 1,882,813 shares, compared to its average volume of 1,265,447. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47. The firm has a market cap of $2.81 billion, a PE ratio of -5.66 and a beta of 0.45. The business's 50 day simple moving average is $16.29 and its 200-day simple moving average is $16.40.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly 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 prior year, the company earned ($0.60) earnings per share. Equities research analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

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.