Vestal Point Capital LP Acquires 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 stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 677.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 350,000 shares of the company's stock after acquiring an additional 305,000 shares during the quarter. Vestal Point Capital LP owned about 0.21% of Immunovant worth $5,982,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP grew its position in shares of Immunovant by 219.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock worth $93,275,000 after buying an additional 3,750,000 shares during the period. Cubist Systematic Strategies LLC grew its position in shares of Immunovant by 438.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 58,122 shares of the company's stock worth $993,000 after buying an additional 47,322 shares during the period. Alpine Global Management LLC grew its position in shares of Immunovant by 21.7% during the 1st quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company's stock worth $44,890,000 after buying an additional 467,788 shares during the period. DAFNA Capital Management LLC grew its position in shares of Immunovant by 57.4% during the 1st quarter. DAFNA Capital Management LLC now owns 169,996 shares of the company's stock worth $2,905,000 after buying an additional 62,000 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in shares of Immunovant by 91.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 182,500 shares of the company's stock worth $3,119,000 after buying an additional 87,300 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

IMVT has been the subject of several analyst reports. HC Wainwright reiterated a "buy" rating and set a $35.00 price target on shares of Immunovant in a research report on Thursday. Citigroup reiterated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. JPMorgan Chase & Co. lowered their price target on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. Bank of America lowered their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Finally, UBS Group lifted their price target on shares of Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. One 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 company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Insider Activity at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief technology officer owned 204,919 shares in the company, valued at $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the company's stock in a transaction that occurred 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 completion of 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 7,869 shares of company stock valued at $140,384 in the last quarter. Corporate insiders own 1.80% of the company's stock.

Immunovant Stock Down 3.5%

NASDAQ IMVT traded down $0.58 during trading on Thursday, reaching $16.12. 1,882,813 shares of the stock traded hands, compared to its average volume of 1,265,447. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -5.66 and a beta of 0.45. The stock's 50-day moving average price is $16.29 and its 200 day moving average price is $16.40. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data 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 quarter last year, the firm posted ($0.60) EPS. Analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

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.