Vestal Point Capital LP Purchases 305,000 Shares of Immunovant, Inc. $IMVT

Key Points

• Vestal Point Capital LP has increased its stake in Immunovant, Inc. by 677.8%, owning 350,000 shares worth approximately $5.98 million after acquiring an additional 305,000 shares in the first quarter.
• Several institutional investors, including Vanguard Group and T. Rowe Price, have also increased their holdings in Immunovant, bringing institutional ownership to 47.08% of the company's stock.
• Analysts have set varying price targets for Immunovant, with an average target of $35.20 and ratings ranging from "Strong Buy" to "Hold".

Vestal Point Capital LP raised its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 677.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 350,000 shares of the company's stock after acquiring an additional 305,000 shares during the period. Vestal Point Capital LP owned approximately 0.21% of Immunovant worth $5,982,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Immunovant by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company's stock valued at $118,551,000 after acquiring an additional 257,445 shares during the last quarter. Deep Track Capital LP grew its holdings in shares of Immunovant by 38.0% in the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after buying an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in shares of Immunovant by 15.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company's stock valued at $100,743,000 after buying an additional 777,590 shares during the period. Baker BROS. Advisors LP grew its holdings in shares of Immunovant by 219.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock valued at $93,275,000 after buying an additional 3,750,000 shares during the period. Finally, Alpine Global Management LLC grew its holdings in shares of Immunovant by 21.7% in the 1st quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company's stock valued at $44,890,000 after buying an additional 467,788 shares during the period. Institutional investors own 47.08% of the company's stock.

Immunovant Trading Up 6.3%

Shares of Immunovant stock traded up $1.02 during trading hours on Friday, reaching $17.14. 2,073,404 shares of the company's stock were exchanged, compared to its average volume of 1,396,589. The company has a 50 day moving average of $16.31 and a two-hundred day moving average of $16.32. 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 $2.99 billion, a P/E ratio of -6.01 and a beta of 0.45.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.60) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.09. During the same quarter last year, the company earned ($0.60) EPS. As a group, analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

IMVT has been the subject of several research analyst reports. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 price target for the company in a report on Thursday, July 10th. UBS Group boosted their price target on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. Bank of America reduced their target price on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Immunovant presently has an average rating of "Moderate Buy" and an average price target of $33.60.

Insider Transactions at Immunovant

In other news, insider Michael Geffner sold 2,385 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the completion of the transaction, the insider directly owned 221,825 shares in the company, valued at $4,026,123.75. This represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the transaction, the chief technology officer owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This represents a 1.35% 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.

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.