Immunovant, Inc. $IMVT is Alpine Global Management LLC’s 3rd Largest Position

Alpine Global Management LLC increased its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 4.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,754,731 shares of the company’s stock after purchasing an additional 128,039 shares during the quarter. Immunovant makes up approximately 7.1% of Alpine Global Management LLC’s holdings, making the stock its 3rd largest holding. Alpine Global Management LLC owned about 1.57% of Immunovant worth $44,406,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of IMVT. Deep Track Capital LP increased its stake in shares of Immunovant by 2.4% in the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after acquiring an additional 228,845 shares in the last quarter. Armistice Capital LLC boosted its holdings in shares of Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Two Seas Capital LP grew its holdings in shares of Immunovant by 22.6% in the third quarter. Two Seas Capital LP now owns 2,762,040 shares of the company’s stock worth $44,524,000 after acquiring an additional 509,268 shares during the period. ADAR1 Capital Management LLC grew its position in Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after buying an additional 1,706,687 shares during the period. Finally, Geode Capital Management LLC increased its position in Immunovant by 9.1% in the second quarter. Geode Capital Management LLC now owns 1,825,602 shares of the company’s stock worth $29,213,000 after buying an additional 153,012 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Price Performance

NASDAQ IMVT opened at $25.10 on Wednesday. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $29.25. The stock’s 50 day simple moving average is $26.27 and its 200-day simple moving average is $22.83. The company has a market cap of $5.11 billion, a PE ratio of -9.33 and a beta of 0.62.

Immunovant (NASDAQ:IMVT) last released its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter in the previous year, the business earned ($0.76) earnings per share. On average, equities research analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on IMVT shares. Truist Financial increased their price objective on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. The Goldman Sachs Group lifted their price target on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 15th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 6th. 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, Guggenheim lifted their price objective on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday, February 9th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

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.