Renaissance Technologies LLC Has $2 Million Position in Immunovant, Inc. (NASDAQ:IMVT)

Renaissance Technologies LLC lessened its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 57.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,900 shares of the company's stock after selling 108,100 shares during the period. Renaissance Technologies LLC's holdings in Immunovant were worth $2,004,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. KBC Group NV increased its holdings in shares of 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 last quarter. KLP Kapitalforvaltning AS acquired a new stake in Immunovant in the 4th quarter valued at about $268,000. Aigen Investment Management LP purchased a new position in shares of Immunovant in the 4th quarter valued at about $270,000. Teacher Retirement System of Texas grew its stake in shares of Immunovant by 18.5% in the 4th quarter. Teacher Retirement System of Texas now owns 15,203 shares of the company's stock valued at $377,000 after purchasing an additional 2,373 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Immunovant during the 4th quarter worth about $505,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IMVT. Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. Bank of America cut their price target on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. HC Wainwright restated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Wolfe Research lowered shares of Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Finally, Guggenheim restated a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Immunovant presently has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Immunovant Price Performance

Shares of NASDAQ:IMVT traded up $0.11 during midday trading on Thursday, reaching $16.26. The company had a trading volume of 248,267 shares, compared to its average volume of 1,196,915. The stock's fifty day moving average price is $17.18 and its 200-day moving average price is $22.82. The stock has a market capitalization of $2.76 billion, a P/E ratio of -6.24 and a beta of 0.81. Immunovant, Inc. has a one year low of $10.13 and a one year high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) 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 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other news, CEO Peter Salzmann sold 28,094 shares of the firm's 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 owns 1,186,512 shares in the company, valued at approximately $15,412,790.88. This trade represents a 2.31 % 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, Director Andrew J. Fromkin sold 8,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the transaction, the director now owns 91,913 shares in the company, valued at $1,801,494.80. This represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,682 shares of company stock worth $753,419. 5.90% of the stock is owned by company insiders.

Immunovant 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.