Affinity Asset Advisors LLC Sells 100,000 Shares of Immunovant, Inc. $IMVT

Affinity Asset Advisors LLC reduced its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 50.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 100,000 shares of the company’s stock after selling 100,000 shares during the quarter. Affinity Asset Advisors LLC’s holdings in Immunovant were worth $2,484,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IMVT. Geneos Wealth Management Inc. bought a new position in shares of Immunovant in the fourth quarter worth about $25,000. Strs Ohio bought a new stake in shares of Immunovant during the 1st quarter valued at approximately $27,000. PNC Financial Services Group Inc. grew its holdings in shares of 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 purchasing an additional 1,646 shares during the last quarter. Quarry LP increased its position in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after purchasing an additional 1,461 shares in the last quarter. Finally, FNY Investment Advisers LLC increased its position in Immunovant by 100.0% during the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock worth $101,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IMVT. Guggenheim upped their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. The Goldman Sachs Group boosted their price objective on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Truist Financial upped their target price on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Finally, HC Wainwright increased their target price on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Six 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $39.70.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $39.41 on Friday. The company has a market capitalization of $8.13 billion, a P/E ratio of -14.18 and a beta of 0.76. The company’s 50-day moving average is $35.87 and its 200 day moving average is $29.67. Immunovant, Inc. has a fifty-two week low of $14.32 and a fifty-two week high of $41.23.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period last year, the firm posted ($0.64) EPS. As a group, research analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Insider Activity at Immunovant

In other Immunovant news, Director Atul Pande sold 1,500 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.01, for a total value of $57,015.00. Following the completion of the sale, the director directly owned 116,731 shares of the company’s stock, valued at $4,436,945.31. This trade represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jay S. Stout sold 3,487 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $137,910.85. Following the transaction, the chief technology officer owned 208,198 shares of the company’s stock, valued at $8,234,230.90. The trade was a 1.65% decrease in their position. 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 have sold a total of 327,312 shares of company stock worth $11,418,145 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.

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.