Immunovant, Inc. $IMVT Shares Bought by Woodline Partners LP

Key Points

• Woodline Partners LP significantly increased its stake in Immunovant, acquiring an additional 855,143 shares for a total ownership of 1,497,869 shares, valued at approximately $25.6 million.
• Several institutional investors, including Vanguard and T. Rowe Price, also raised their positions in Immunovant, reflecting strong interest in the company's stock.
• Immunovant's stock has a current market cap of $2.86 billion and analysts have set an average price target of $33.60, rating the stock as a "Moderate Buy".

Woodline Partners LP grew its position in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 133.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,497,869 shares of the company's stock after purchasing an additional 855,143 shares during the quarter. Woodline Partners LP owned about 0.88% of Immunovant worth $25,599,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of IMVT. FNY Investment Advisers LLC purchased a new stake in shares of Immunovant during the first quarter valued at $34,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Immunovant during the first quarter valued at $37,000. Headlands Technologies LLC purchased a new stake in Immunovant in the first quarter valued at $51,000. GF Fund Management CO. LTD. purchased a new stake in Immunovant in the fourth quarter valued at $76,000. Finally, Covestor Ltd boosted its holdings in Immunovant by 187.5% in the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after purchasing an additional 2,455 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on IMVT. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a report on Monday, August 11th. HC Wainwright reaffirmed a "buy" rating and issued a $35.00 price target on shares of Immunovant in a report on Thursday, September 4th. JPMorgan Chase & Co. lowered their price target on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 price target on the stock in a report on Thursday, July 10th. Finally, Bank of America lowered their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $33.60.

Immunovant Price Performance

IMVT stock traded down $0.58 during trading on Monday, hitting $15.58. The stock had a trading volume of 546,328 shares, compared to its average volume of 1,478,311. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $32.10. The stock has a market capitalization of $2.72 billion, a P/E ratio of -5.47 and a beta of 0.45. The company's 50-day moving average price is $16.29 and its two-hundred day moving average price is $16.18.

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

Insider Activity

In related news, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The stock was 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 in the company, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction dated 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 in the company, valued at approximately $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,869 shares of company stock worth $140,384. 1.80% of the stock is currently owned by insiders.

Immunovant Company 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.