Immunovant, Inc. (NASDAQ:IMVT) Stock Position Boosted by Alpine Global Management LLC

Alpine Global Management LLC boosted its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 14.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,158,904 shares of the company's stock after purchasing an additional 276,200 shares during the period. Immunovant comprises about 11.5% of Alpine Global Management LLC's investment portfolio, making the stock its 2nd biggest position. Alpine Global Management LLC owned approximately 1.27% of Immunovant worth $53,476,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. lifted its position in shares of Immunovant by 405.3% during the 4th quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock valued at $28,568,000 after buying an additional 925,081 shares in the last quarter. Norges Bank purchased a new position in Immunovant during the fourth quarter valued at approximately $15,802,000. FMR LLC boosted its position in shares of Immunovant by 4.5% in the fourth quarter. FMR LLC now owns 13,097,915 shares of the company's stock worth $324,435,000 after purchasing an additional 560,344 shares during the period. Principal Financial Group Inc. increased its stake in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after purchasing an additional 391,436 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock valued at $43,085,000 after purchasing an additional 96,924 shares during the period. Institutional investors own 47.08% of the company's stock.

Immunovant Price Performance

Shares of Immunovant stock traded down $0.35 during trading hours on Friday, reaching $14.72. The company's stock had a trading volume of 1,152,850 shares, compared to its average volume of 1,199,411. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47. The firm has a 50 day moving average price of $17.50 and a 200-day moving average price of $23.02. The stock has a market cap of $2.50 billion, a P/E ratio of -5.62 and a beta of 0.81.

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

Insiders Place Their Bets

In related news, insider Michael Geffner sold 2,349 shares of Immunovant stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total transaction of $34,741.71. Following the completion of the transaction, the insider now directly owns 225,370 shares of the company's stock, valued at approximately $3,333,222.30. The trade was a 1.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter Salzmann sold 28,094 shares of the stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total transaction of $364,941.06. Following the completion of the sale, the chief executive officer now directly owns 1,186,512 shares in the company, valued at $15,412,790.88. This trade represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,682 shares of company stock valued at $753,419 over the last three months. 5.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IMVT. HC Wainwright reiterated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research note on Wednesday, March 19th. Wolfe Research downgraded Immunovant from an "outperform" rating to a "peer perform" rating in a research note on Friday, January 3rd. Cantor Fitzgerald upgraded Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Jefferies Financial Group assumed coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 price objective on the stock. Finally, UBS Group restated a "neutral" rating and set a $17.00 target price (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Two research 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $38.33.

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.