Prosight Management LP Trims Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Prosight Management LP decreased its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 17.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 305,523 shares of the company's stock after selling 64,477 shares during the period. Immunovant accounts for 2.1% of Prosight Management LP's investment portfolio, making the stock its 19th biggest position. Prosight Management LP owned approximately 0.18% of Immunovant worth $7,568,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in IMVT. Principal Financial Group Inc. raised its stake in Immunovant by 69.9% during 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 during the period. KBC Group NV increased its stake in Immunovant by 60.1% during the 4th quarter. KBC Group NV now owns 3,099 shares of the company's stock worth $77,000 after buying an additional 1,163 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in shares of Immunovant by 10.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,124 shares of the company's stock worth $771,000 after acquiring an additional 2,973 shares in the last quarter. abrdn plc boosted its stake in shares of Immunovant by 11.1% during the 4th quarter. abrdn plc now owns 532,110 shares of the company's stock valued at $13,180,000 after buying an additional 53,353 shares during the last quarter. Finally, ABC Arbitrage SA bought a new stake in shares of Immunovant in the 4th quarter worth about $734,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Trading Up 0.5%

NASDAQ IMVT traded up $0.08 during mid-day trading on Tuesday, hitting $14.78. The company's stock had a trading volume of 233,450 shares, compared to its average volume of 1,216,022. The company's 50 day simple moving average is $15.83 and its 200 day simple moving average is $21.35. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $34.47. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -5.63 and a beta of 0.75.

Insider Transactions at Immunovant

In other news, Director Andrew J. Fromkin sold 8,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. This represents a 8.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter Salzmann sold 28,094 shares of the stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total transaction of $364,941.06. Following the transaction, the chief executive officer now directly owns 1,186,512 shares in the company, valued at approximately $15,412,790.88. This represents a 2.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,682 shares of company stock worth $753,419 in the last 90 days. Insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on IMVT shares. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. HC Wainwright reissued a "buy" rating and set a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Bank of America decreased their price objective on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Finally, UBS Group reiterated a "neutral" rating and issued a $17.00 target price (down previously from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.