Immunovant, Inc. $IMVT Holdings Lowered by Redmile Group LLC

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 lessened its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 14.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 490,394 shares of the company's stock after selling 81,430 shares during the quarter. Immunovant makes up approximately 0.8% of Redmile Group LLC's holdings, making the stock its 26th largest holding. Redmile Group LLC owned 0.29% of Immunovant worth $8,381,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IMVT. Raymond James Financial Inc. purchased a new stake in Immunovant during the 4th quarter worth about $505,000. Hsbc Holdings PLC acquired a new position in shares of Immunovant in the 4th quarter valued at about $780,000. Northern Trust Corp lifted its stake in shares of Immunovant by 4.0% in the 4th 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 in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Immunovant in the 4th quarter valued at about $221,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of Immunovant in the 4th quarter valued at about $2,110,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded up $1.02 during trading on Friday, reaching $17.14. The stock had a trading volume of 2,073,404 shares, compared to its average volume of 1,325,247. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47. The stock has a market cap of $2.99 billion, a PE ratio of -6.01 and a beta of 0.45. The firm's 50 day moving average price is $16.31 and its two-hundred day moving average price is $16.34.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same period in the prior year, the company earned ($0.60) earnings per share. On average, research analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Bank of America reduced their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. UBS Group boosted their price target on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Citigroup reissued a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. HC Wainwright reissued a "buy" rating and set a $35.00 price target on shares of Immunovant in a research report on Thursday. Finally, The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Insider Buying and Selling

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of the business'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 owned 204,919 shares in the company, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Geffner sold 2,385 shares of the business'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 $4,026,123.75. This trade represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,869 shares of company stock valued at $140,384 over the last quarter. Company insiders own 1.80% of the company's stock.

About Immunovant

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.