Immunovant, Inc. $IMVT Shares Acquired by Quantinno Capital Management LP

Quantinno Capital Management LP lifted its stake in shares of Immunovant, Inc. (NASDAQ:IMVT) by 181.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 40,030 shares of the company’s stock after purchasing an additional 25,787 shares during the period. Quantinno Capital Management LP’s holdings in Immunovant were worth $994,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its stake in Immunovant by 4.5% in the fourth quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock worth $360,000 after acquiring an additional 610 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Immunovant by 2.7% in the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after purchasing an additional 755 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after purchasing an additional 780 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after purchasing an additional 900 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Immunovant during the 4th quarter worth $25,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IMVT. JPMorgan Chase & Co. boosted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Citigroup raised their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Truist Financial upped their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Finally, Guggenheim increased their price objective on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Immunovant presently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $41.82 on Monday. The company has a market capitalization of $8.64 billion, a PE ratio of -14.83 and a beta of 0.77. Immunovant, Inc. has a twelve month low of $14.47 and a twelve month high of $42.92. The firm has a 50 day simple moving average of $38.19 and a 200-day simple moving average of $31.15.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same quarter last year, the business earned ($0.71) earnings per share. As a group, equities research analysts predict that Immunovant, Inc. will post -2.72 EPS for the current fiscal year.

Insider Transactions at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 3,487 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $137,910.85. Following the completion of the transaction, the chief technology officer owned 208,198 shares in the company, valued at $8,234,230.90. This represents a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.01, for a total value of $57,015.00. Following the transaction, the director directly owned 116,731 shares in the company, valued at approximately $4,436,945.31. The trade was a 1.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 324,810 shares of company stock valued at $11,350,166 over the last quarter. 1.90% of the stock is owned by corporate insiders.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.