HighTower Advisors LLC Cuts Stock Position in Immunovant, Inc. $IMVT

HighTower Advisors LLC cut its stake in shares of Immunovant, Inc. (NASDAQ:IMVT) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,273 shares of the company’s stock after selling 762 shares during the quarter. HighTower Advisors LLC’s holdings in Immunovant were worth $569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. FNY Investment Advisers LLC purchased a new stake in Immunovant during the 1st quarter valued at about $34,000. Headlands Technologies LLC purchased a new stake in Immunovant during the 1st quarter valued at about $51,000. Covestor Ltd boosted its holdings in Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company’s stock valued at $64,000 after acquiring an additional 2,455 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Immunovant during the 4th quarter valued at about $76,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Immunovant by 21.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company’s stock valued at $109,000 after acquiring an additional 1,037 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Immunovant

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

Immunovant Price Performance

IMVT opened at $14.69 on Friday. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of -5.15 and a beta of 0.66. The business has a 50 day simple moving average of $16.31 and a two-hundred day simple moving average of $16.52.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Bank of America dropped their target price on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. UBS Group increased their target price on Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 28th. Citigroup restated a “buy” rating on shares of Immunovant in a report on Monday, August 11th. JPMorgan Chase & Co. lowered their price target on Immunovant from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group raised Immunovant to a “hold” rating and set a $18.00 price target for the company in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Immunovant presently has a consensus rating of “Moderate Buy” and an average price target of $35.20.

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.