Granahan Investment Management LLC Lowers Stake in Immunovant, Inc. $IMVT

Granahan Investment Management LLC reduced its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 13.5% in the fourth quarter, HoldingsChannel reports. The fund owned 230,188 shares of the company’s stock after selling 36,033 shares during the period. Granahan Investment Management LLC’s holdings in Immunovant were worth $5,851,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new position in Immunovant during the 4th quarter valued at about $25,000. Strs Ohio purchased a new position in Immunovant during the 1st quarter valued at about $27,000. Aster Capital Management DIFC Ltd purchased a new position in Immunovant during the 3rd quarter valued at about $33,000. PNC Financial Services Group Inc. lifted its position in Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares during the period. Finally, Quarry LP lifted its position in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IMVT has been the subject of a number of recent research reports. Citigroup reissued a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. Truist Financial lifted their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Sanford C. Bernstein started coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price for the company. Finally, HC Wainwright lifted their target price on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Immunovant presently has a consensus rating of “Hold” and a consensus target price of $37.33.

Insider Activity at Immunovant

In related news, Director Robert Graham Susman sold 2,502 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $27.17, for a total transaction of $67,979.34. Following the completion of the sale, the director directly owned 36,394 shares in the company, valued at approximately $988,824.98. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Tiago Girao sold 25,760 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $763,011.20. Following the sale, the chief financial officer owned 247,596 shares of the company’s stock, valued at $7,333,793.52. This trade represents a 9.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 297,215 shares of company stock valued at $9,481,453 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Immunovant Trading Up 0.5%

Shares of NASDAQ IMVT opened at $33.61 on Wednesday. The firm has a 50 day moving average of $29.61 and a 200 day moving average of $27.02. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of -12.09 and a beta of 0.76. Immunovant, Inc. has a 12-month low of $14.32 and a 12-month high of $36.28.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter in the prior year, the company posted ($0.64) EPS. Sell-side analysts predict that Immunovant, Inc. will post -2.65 EPS for the current year.

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.