Platinum Investment Management Ltd. Raises Position in Immunovant, Inc. $IMVT

Platinum Investment Management Ltd. raised its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 24.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 195,727 shares of the company’s stock after buying an additional 38,738 shares during the period. Platinum Investment Management Ltd.’s holdings in Immunovant were worth $3,132,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Immunovant by 21.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company’s stock valued at $109,000 after purchasing an additional 1,037 shares during the period. EFG Asset Management North America Corp. boosted its stake in shares of Immunovant by 76.2% in the 1st quarter. EFG Asset Management North America Corp. now owns 130,356 shares of the company’s stock valued at $2,226,000 after buying an additional 56,375 shares during the period. Two Seas Capital LP boosted its stake in shares of Immunovant by 8.7% in the 1st quarter. Two Seas Capital LP now owns 1,642,772 shares of the company’s stock valued at $28,075,000 after buying an additional 131,158 shares during the period. Rhumbline Advisers lifted its stake in Immunovant by 3.2% in the first quarter. Rhumbline Advisers now owns 83,555 shares of the company’s stock worth $1,428,000 after acquiring an additional 2,623 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in Immunovant by 133.0% in the first quarter. Woodline Partners LP now owns 1,497,869 shares of the company’s stock worth $25,599,000 after acquiring an additional 855,143 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Michael Geffner sold 2,385 shares of the company’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of the sale, the insider owned 221,825 shares in the company, valued at $4,026,123.75. This represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of the company’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares of the company’s stock, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,869 shares of company stock valued at $140,384. 1.80% of the stock is owned by company insiders.

Immunovant Price Performance

Shares of IMVT opened at $16.34 on Thursday. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $32.10. The stock has a market cap of $2.85 billion, a PE ratio of -5.73 and a beta of 0.48. The firm has a fifty day moving average price of $15.74 and a 200 day moving average price of $15.87.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same period in the previous year, the company earned ($0.60) earnings per share. As a group, equities analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group upgraded shares of Immunovant to a “hold” rating and set a $18.00 price target for the company in a research note on Thursday, July 10th. Citigroup reaffirmed a “buy” rating on shares of Immunovant in a research report on Monday, August 11th. JPMorgan Chase & Co. decreased their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday. Bank of America decreased their price target on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Finally, UBS Group lifted their price target on Immunovant from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.20.

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.