Two Seas Capital LP Raises Holdings in Immunovant, Inc. $IMVT

Key Points

• Two Seas Capital LP increased its Immunovant stake by 3.8% in the fourth quarter, adding 104,922 shares to bring its total to 2,866,962 shares worth about $72.9 million.
• Several other institutional investors also boosted holdings, and hedge funds and institutions now own 47.08% of Immunovant’s stock.
• Analysts remain mixed on IMVT: Bank of America raised its price target to $43 and kept a buy rating, while the overall consensus rating is Hold with a $37.33 price target.

Two Seas Capital LP boosted its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 3.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,866,962 shares of the company's stock after buying an additional 104,922 shares during the quarter. Immunovant makes up 1.5% of Two Seas Capital LP's investment portfolio, making the stock its 10th largest holding. Two Seas Capital LP owned 1.41% of Immunovant worth $72,878,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Deep Track Capital LP raised its position in Immunovant by 2.4% in the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company's stock valued at $156,829,000 after buying an additional 228,845 shares during the last quarter. Vanguard Group Inc. increased its holdings in Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock worth $197,750,000 after acquiring an additional 952,504 shares during the last quarter. Armistice Capital LLC increased its holdings in Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company's stock worth $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Alpine Global Management LLC increased its holdings in Immunovant by 4.9% in the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company's stock worth $44,406,000 after acquiring an additional 128,039 shares during the last quarter. Finally, ADAR1 Capital Management LLC increased its holdings in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company's stock worth $36,137,000 after acquiring an additional 1,706,687 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on IMVT. The Goldman Sachs Group lifted their price objective on Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Bank of America lifted their price objective on Immunovant from $32.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. Citigroup restated a "buy" rating on shares of Immunovant in a research note on Thursday, May 21st. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research note on Wednesday, April 8th. Finally, HC Wainwright raised their target price on Immunovant from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $37.33.

Immunovant Trading Down 4.8%

Shares of IMVT opened at $31.11 on Friday. The company has a market cap of $6.39 billion, a PE ratio of -11.19 and a beta of 0.76. The stock has a 50-day moving average price of $28.50 and a 200-day moving average price of $26.55. Immunovant, Inc. has a 12-month low of $14.32 and a 12-month high of $36.28.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.13). During the same quarter in the previous year, the company posted ($0.64) earnings per share. As a group, analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Insiders Place Their Bets

In other Immunovant news, CFO Tiago Girao sold 25,760 shares of Immunovant stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $763,011.20. Following the transaction, the chief financial officer directly owned 247,596 shares of the company's stock, valued at $7,333,793.52. The trade was a 9.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 8,722 shares of the business's stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $216,567.26. Following the transaction, the chief operating officer directly owned 245,222 shares in the company, valued at $6,088,862.26. This trade represents a 3.43% 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. Over the last ninety days, insiders sold 300,092 shares of company stock worth $9,553,291. 1.80% of the stock is currently owned by corporate insiders.

About Immunovant

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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