Citigroup Inc. Sells 75,860 Shares of Immunovant, Inc. $IMVT

Citigroup Inc. cut its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 23.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 242,022 shares of the company’s stock after selling 75,860 shares during the period. Citigroup Inc. owned approximately 0.14% of Immunovant worth $3,901,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Two Seas Capital LP lifted its stake in Immunovant by 37.1% in the second quarter. Two Seas Capital LP now owns 2,252,772 shares of the company’s stock worth $36,044,000 after purchasing an additional 610,000 shares during the last quarter. Capital Fund Management S.A. bought a new stake in shares of Immunovant during the 2nd quarter worth approximately $888,000. Assenagon Asset Management S.A. purchased a new position in Immunovant during the 3rd quarter valued at $3,308,000. SG Americas Securities LLC boosted its holdings in Immunovant by 679.7% during the 3rd quarter. SG Americas Securities LLC now owns 62,598 shares of the company’s stock valued at $1,009,000 after acquiring an additional 54,570 shares during the period. Finally, Aberdeen Group plc grew its position in Immunovant by 16.2% in the 3rd quarter. Aberdeen Group plc now owns 981,804 shares of the company’s stock valued at $15,827,000 after acquiring an additional 137,099 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Immunovant Stock Performance

NASDAQ IMVT opened at $27.08 on Thursday. Immunovant, Inc. has a one year low of $12.72 and a one year high of $29.25. The company has a market capitalization of $5.51 billion, a price-to-earnings ratio of -10.07 and a beta of 0.62. The company’s 50-day simple moving average is $26.29 and its two-hundred day simple moving average is $22.10.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter in the prior year, the company earned ($0.76) EPS. Equities analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 1,977 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total transaction of $51,461.31. Following the completion of the sale, the chief technology officer directly owned 197,634 shares of the company’s stock, valued at approximately $5,144,413.02. This represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Tuyl Christopher Van sold 10,813 shares of the firm’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the sale, the insider owned 149,930 shares in the company, valued at $4,034,616.30. This represents a 6.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,993 shares of company stock worth $374,355 in the last ninety days. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial boosted their target price on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. Guggenheim lifted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday, February 9th. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 15th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Immunovant 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.