Orbimed Advisors LLC Buys Shares of 78,500 Immunovant, Inc. (NASDAQ:IMVT)

Orbimed Advisors LLC bought a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 78,500 shares of the company's stock, valued at approximately $1,944,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. J. Goldman & Co LP bought a new position in shares of Immunovant during the 4th quarter worth approximately $851,000. Granahan Investment Management LLC bought a new position in shares of Immunovant during the 4th quarter worth approximately $3,701,000. D. E. Shaw & Co. Inc. lifted its position in shares of Immunovant by 8.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 67,669 shares of the company's stock worth $1,676,000 after buying an additional 5,234 shares during the period. Deutsche Bank AG lifted its position in shares of Immunovant by 11.3% during the 4th quarter. Deutsche Bank AG now owns 166,472 shares of the company's stock worth $4,124,000 after buying an additional 16,903 shares during the period. Finally, DAFNA Capital Management LLC lifted its position in shares of Immunovant by 107.7% during the 4th quarter. DAFNA Capital Management LLC now owns 107,996 shares of the company's stock worth $2,675,000 after buying an additional 56,000 shares during the period. Institutional investors own 47.08% of the company's stock.

Immunovant Price Performance

Shares of NASDAQ IMVT traded up $0.54 during midday trading on Friday, hitting $14.46. The stock had a trading volume of 1,091,689 shares, compared to its average volume of 1,219,811. The company's 50-day simple moving average is $15.92 and its 200 day simple moving average is $21.51. The firm has a market cap of $2.46 billion, a P/E ratio of -5.52 and a beta of 0.75. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $34.47.

Insider Activity

In related news, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares of the company's stock, valued at $1,801,494.80. The trade was a 8.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Geffner sold 2,349 shares of Immunovant stock in a transaction 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 sale, the insider now directly owns 225,370 shares of the company's stock, valued at approximately $3,333,222.30. This trade represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,682 shares of company stock valued at $753,419. Company insiders own 5.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on IMVT shares. Cantor Fitzgerald upgraded Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. Bank of America cut their price objective on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. HC Wainwright reiterated a "buy" rating and issued a $51.00 price objective on shares of Immunovant in a research report on Wednesday, March 19th. UBS Group reiterated a "neutral" rating and issued a $17.00 price objective (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group began coverage on Immunovant in a research report on Monday, March 3rd. They issued a "hold" rating and a $20.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently 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.