Tejara Capital Ltd Takes Position in Immunovant, Inc. $IMVT

Key Points

• Tejara Capital Ltd has acquired a new position in Immunovant, Inc., purchasing 53,790 shares valued at approximately $919,000.
• Several institutional investors have increased their stakes in Immunovant, with T. Rowe Price boosting its holdings by 53.6% in the last quarter.
• Immunovant's stock has seen various price target adjustments, with analysts setting targets ranging from $18.00 to $37.00, reflecting mixed sentiment in the market.

Tejara Capital Ltd acquired a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 53,790 shares of the company's stock, valued at approximately $919,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IMVT. Mirae Asset Global Investments Co. Ltd. lifted its position 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 worth $109,000 after purchasing an additional 1,037 shares during the last quarter. Banque Pictet & Cie SA grew its stake in Immunovant by 1.3% in the first quarter. Banque Pictet & Cie SA now owns 147,397 shares of the company's stock valued at $2,519,000 after purchasing an additional 1,917 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in Immunovant in the first quarter valued at about $34,000. MetLife Investment Management LLC grew its stake in shares of Immunovant by 6.1% during the fourth quarter. MetLife Investment Management LLC now owns 35,648 shares of the company's stock worth $883,000 after acquiring an additional 2,040 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Immunovant by 187.5% during the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock worth $64,000 after purchasing an additional 2,455 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the sale, the chief technology officer directly 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 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 quarter. Insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

IMVT has been the subject of a number of analyst reports. Bank of America decreased their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Citigroup restated a "buy" rating on shares of Immunovant in a report on Monday, August 11th. 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. The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 price target for the company in a report on Thursday, July 10th. Finally, JPMorgan Chase & Co. lowered their target price on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $35.20.

Immunovant Stock Performance

IMVT stock traded down $0.44 during midday trading on Tuesday, hitting $14.82. 1,117,683 shares of the stock were exchanged, compared to its average volume of 1,462,740. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $34.47. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -5.20 and a beta of 0.66. The stock's 50-day moving average price is $16.48 and its 200-day moving average price is $16.82.

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

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.