Squarepoint Ops LLC Raises Position in Immunovant, Inc. $IMVT

Squarepoint Ops LLC grew its stake in Immunovant, Inc. (NASDAQ:IMVT) by 714.6% during the second quarter, Holdings Channel reports. The firm owned 84,919 shares of the company’s stock after purchasing an additional 74,494 shares during the period. Squarepoint Ops LLC’s holdings in Immunovant were worth $1,359,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Strs Ohio purchased a new stake in Immunovant in the 1st quarter valued at $27,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Immunovant in the 1st quarter worth $37,000. Farther Finance Advisors LLC grew its stake in shares of Immunovant by 142,750.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock worth $46,000 after acquiring an additional 2,855 shares in the last quarter. AlphaQuest LLC raised its holdings in shares of Immunovant by 1,510.2% in the first quarter. AlphaQuest LLC now owns 5,700 shares of the company’s stock valued at $97,000 after purchasing an additional 5,346 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Immunovant by 228.9% during the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after purchasing an additional 4,273 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

IMVT has been the subject of a number of recent analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Immunovant in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday, September 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. The Goldman Sachs Group boosted their price objective on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 15th. Finally, Truist Financial assumed coverage on Immunovant in a research report on Tuesday, October 14th. They set a “hold” rating and a $16.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.63.

Insider Buying and Selling

In other news, CTO Jay S. Stout sold 2,520 shares of Immunovant stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $47,955.60. Following the completion of the transaction, the chief technology officer owned 200,814 shares in the company, valued at $3,821,490.42. This trade represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Fromkin sold 22,249 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $23.25, for a total transaction of $517,289.25. Following the sale, the director owned 85,852 shares in the company, valued at $1,996,059. The trade was a 20.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 68,660 shares of company stock worth $1,599,001 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Immunovant Trading Up 1.9%

NASDAQ:IMVT opened at $26.68 on Friday. The stock has a market capitalization of $4.68 billion, a PE ratio of -9.39 and a beta of 0.56. The firm’s 50 day moving average is $22.68 and its 200 day moving average is $18.42. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $27.69.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same period last year, the firm earned ($0.74) earnings per share. Research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

About Immunovant

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.