Woodline Partners LP Decreases Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Woodline Partners LP trimmed its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 54.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 642,726 shares of the company's stock after selling 772,251 shares during the period. Woodline Partners LP owned approximately 0.38% of Immunovant worth $15,920,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IMVT. KBC Group NV lifted its holdings in shares of Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company's stock valued at $77,000 after purchasing an additional 1,163 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Immunovant by 10.6% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,124 shares of the company's stock valued at $771,000 after purchasing an additional 2,973 shares during the last quarter. abrdn plc lifted its holdings in shares of Immunovant by 11.1% during the fourth quarter. abrdn plc now owns 532,110 shares of the company's stock valued at $13,180,000 after purchasing an additional 53,353 shares during the last quarter. ABC Arbitrage SA purchased a new position in shares of Immunovant during the fourth quarter valued at approximately $734,000. Finally, Rhumbline Advisers lifted its holdings in shares of Immunovant by 1.5% during the fourth quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock valued at $2,005,000 after purchasing an additional 1,188 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 28,094 shares of the business's stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total value of $364,941.06. Following the completion of the sale, the chief executive officer now directly owns 1,186,512 shares of the company's stock, valued at $15,412,790.88. The trade was a 2.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Geffner sold 2,349 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $34,741.71. Following the completion of the sale, the insider now directly owns 225,370 shares of the company's stock, valued at $3,333,222.30. The trade was a 1.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,682 shares of company stock worth $753,419 in the last three months. Insiders own 5.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. UBS Group reissued a "neutral" rating and set a $17.00 price target (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Bank of America dropped their price target on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. HC Wainwright restated a "buy" rating and set a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. Finally, Jefferies Financial Group initiated coverage on shares of Immunovant in a research note on Monday, March 3rd. They set a "hold" rating and a $20.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Immunovant presently has an average rating of "Moderate Buy" and an average price target of $38.33.

Immunovant Stock Down 0.0%

IMVT stock traded down $0.01 during mid-day trading on Tuesday, hitting $14.46. The company had a trading volume of 197,542 shares, compared to its average volume of 1,220,232. The company has a 50-day moving average price of $15.37 and a 200 day moving average price of $20.80. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $34.47. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of -5.54 and a beta of 0.75.

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.