Woodline Partners LP Acquires 855,143 Shares of Immunovant, Inc. $IMVT

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 lifted its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 133.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,497,869 shares of the company's stock after purchasing an additional 855,143 shares during the period. Woodline Partners LP owned about 0.88% of Immunovant worth $25,599,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Immunovant by 21.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after purchasing an additional 1,037 shares during the last quarter. Banque Pictet & Cie SA grew its holdings in shares of Immunovant by 1.3% during the 1st 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 bought a new position in shares of Immunovant during the 1st quarter valued at $34,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Immunovant in the first quarter worth $37,000. Finally, Covestor Ltd increased its stake in shares of Immunovant by 187.5% in the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock worth $64,000 after buying an additional 2,455 shares during the period. Institutional investors own 47.08% of the company's stock.

Insider Buying and Selling at Immunovant

In related news, insider Michael Geffner sold 2,385 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 $43,287.75. Following the sale, the insider owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 transaction of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares in the company, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,869 shares of company stock worth $140,384. 1.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on IMVT shares. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research note on Thursday, July 10th. HC Wainwright reaffirmed a "buy" rating and issued a $35.00 target price on shares of Immunovant in a research note on Thursday, September 4th. JPMorgan Chase & Co. decreased their target price on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. Finally, Bank of America decreased their target price on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note 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 company. Based on data from MarketBeat.com, Immunovant has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Immunovant Price Performance

NASDAQ:IMVT traded down $0.64 during trading hours on Friday, hitting $16.16. The company had a trading volume of 2,863,904 shares, compared to its average volume of 1,464,419. The company has a market capitalization of $2.82 billion, a PE ratio of -5.67 and a beta of 0.45. The stock has a 50-day moving average price of $16.29 and a 200 day moving average price of $16.23. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $32.10.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the prior year, the firm posted ($0.60) earnings per share. 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.