Granahan Investment Management LLC Acquires New Shares in Immunovant, Inc. (NASDAQ:IMVT)

Granahan Investment Management LLC acquired a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 149,396 shares of the company's stock, valued at approximately $3,701,000. Granahan Investment Management LLC owned about 0.09% of Immunovant as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. KBC Group NV boosted its stake in Immunovant by 60.1% in the 4th 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 period. Ameriprise Financial Inc. bought a new stake in shares of Immunovant in the fourth quarter valued at about $221,000. KLP Kapitalforvaltning AS acquired a new position in shares of Immunovant in the fourth quarter valued at about $268,000. Aigen Investment Management LP bought a new position in shares of Immunovant during the fourth quarter worth approximately $270,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Immunovant by 138.4% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 14,276 shares of the company's stock worth $353,000 after purchasing an additional 8,289 shares during the period. Institutional investors own 47.08% of the company's stock.

Insider Transactions at Immunovant

In other news, insider Michael Geffner sold 2,349 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value 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. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the transaction, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. The trade was a 8.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,682 shares of company stock valued at $753,419 over the last three months. Corporate insiders own 5.90% of the company's stock.

Immunovant Trading Up 2.4%

IMVT stock traded up $0.34 during mid-day trading on Friday, reaching $14.26. The company's stock had a trading volume of 306,546 shares, compared to its average volume of 1,211,829. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The business's 50 day moving average price is $16.02 and its 200 day moving average price is $21.67. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -5.42 and a beta of 0.75.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, equities analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IMVT has been the subject of several research analyst reports. Guggenheim restated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Bank of America cut their price objective on Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 price objective on shares of Immunovant in a research note on Wednesday, March 19th. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. Finally, Jefferies Financial Group began coverage on Immunovant in a report on Monday, March 3rd. They issued a "hold" rating and a $20.00 price objective for the company. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $38.33.

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.