Immunovant, Inc. (NASDAQ:IMVT) Stake Lessened by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC trimmed its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 30.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,026 shares of the company’s stock after selling 4,345 shares during the period. Los Angeles Capital Management LLC’s holdings in Immunovant were worth $265,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Immunovant by 11.2% during the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after acquiring an additional 650,506 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Immunovant during the fourth quarter worth $112,356,000. Alpine Global Management LLC raised its holdings in shares of Immunovant by 34.6% during the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after acquiring an additional 484,332 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Immunovant by 16.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock worth $60,163,000 after acquiring an additional 259,481 shares in the last quarter. Finally, Armistice Capital LLC raised its holdings in shares of Immunovant by 38.6% during the fourth quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock worth $60,499,000 after acquiring an additional 400,123 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Stock Performance

Immunovant stock opened at $29.67 on Monday. Immunovant, Inc. has a 52 week low of $19.50 and a 52 week high of $45.58. The firm has a market capitalization of $4.34 billion, a PE ratio of -15.62 and a beta of 0.67. The business’s 50-day simple moving average is $29.89 and its 200-day simple moving average is $29.48.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same quarter in the previous year, the company posted ($0.57) earnings per share. Research analysts forecast that Immunovant, Inc. will post -2.43 earnings per share for the current year.

Analysts Set New Price Targets

IMVT has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Tuesday, September 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. JPMorgan Chase & Co. cut their target price on Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. UBS Group cut their target price on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, Oppenheimer cut their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, June 3rd. Fifteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant has a consensus rating of “Buy” and a consensus price target of $48.40.

Insider Activity at Immunovant

In related news, insider Julia G. Butchko sold 1,527 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total transaction of $42,847.62. Following the transaction, the insider now directly owns 446,853 shares in the company, valued at $12,538,695.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Immunovant news, CEO Peter Salzmann sold 4,619 shares of Immunovant stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total transaction of $129,609.14. Following the sale, the chief executive officer now directly owns 1,032,097 shares of the company’s stock, valued at $28,960,641.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Julia G. Butchko sold 1,527 shares of Immunovant stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total value of $42,847.62. Following the sale, the insider now directly owns 446,853 shares in the company, valued at $12,538,695.18. The disclosure for this sale can be found here. Insiders have sold 31,475 shares of company stock worth $904,638 over the last three months. Company insiders own 5.90% of the company’s stock.

Immunovant 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.