Granahan Investment Management LLC Makes New Investment in Immunovant, Inc. (NASDAQ:IMVT)

Granahan Investment Management LLC acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 149,396 shares of the company’s stock, valued at approximately $3,701,000. Granahan Investment Management LLC owned 0.09% of Immunovant as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. FMR LLC increased its stake in Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after acquiring an additional 560,344 shares during the period. Vanguard Group Inc. grew its holdings in shares of Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock worth $165,449,000 after purchasing an additional 20,614 shares in the last quarter. Deep Track Capital LP increased its position in shares of Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after purchasing an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Immunovant by 53.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock valued at $126,754,000 after purchasing an additional 1,786,217 shares in the last quarter. Finally, Alpine Global Management LLC lifted its position in Immunovant by 14.7% during the fourth quarter. Alpine Global Management LLC now owns 2,158,904 shares of the company’s stock worth $53,476,000 after purchasing an additional 276,200 shares during the period. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Guggenheim restated a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Bank of America lowered their price target on Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a report on Thursday, March 20th. Finally, Jefferies Financial Group began coverage on Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Two investment 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 stock. Based on data from MarketBeat.com, Immunovant has an average rating of “Moderate Buy” and an average target price of $38.33.

Immunovant Trading Down 2.0 %

Shares of IMVT stock opened at $14.02 on Friday. The business’s 50-day moving average price is $16.48 and its 200-day moving average price is $22.06. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -5.35 and a beta of 0.75.

Immunovant (NASDAQ:IMVT) last posted its 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). On average, sell-side analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Jay S. Stout sold 1,925 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total transaction of $28,470.75. Following the completion of the sale, the chief technology officer now directly owns 209,243 shares in the company, valued at $3,094,703.97. This represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 2,349 shares of the business’s stock in a transaction on 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 owns 225,370 shares in the company, valued at approximately $3,333,222.30. The trade was a 1.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,682 shares of company stock valued at $753,419 over the last 90 days. 5.90% of the stock is owned by insiders.

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.