Rubric Capital Management LP Takes $1.55 Million Position in Immunovant, Inc. (NASDAQ:IMVT)

Rubric Capital Management LP purchased a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT) in the 2nd quarter, Holdings Channel reports. The fund purchased 58,624 shares of the company’s stock, valued at approximately $1,548,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IMVT. Assetmark Inc. purchased a new stake in shares of Immunovant during the 4th quarter valued at about $61,000. Quest Partners LLC increased its position in shares of Immunovant by 216.7% during the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after purchasing an additional 1,786 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Immunovant during the 2nd quarter valued at about $77,000. EntryPoint Capital LLC increased its position in shares of Immunovant by 288.8% during the 1st quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after purchasing an additional 2,163 shares during the last quarter. Finally, DNB Asset Management AS increased its position in shares of Immunovant by 10.3% during the 2nd quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock valued at $271,000 after purchasing an additional 958 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on IMVT shares. JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Oppenheimer reduced their target price on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, June 3rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. HC Wainwright reissued a “buy” rating and issued a $51.00 target price on shares of Immunovant in a report on Tuesday, September 10th. Finally, UBS Group lowered their target price on Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Fifteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $48.40.

Insider Transactions at Immunovant

In other news, CFO Eva Renee Barnett sold 4,747 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 $133,200.82. Following the sale, the chief financial officer now owns 350,667 shares in the company, valued at $9,839,716.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Peter Salzmann sold 8,685 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total value of $257,857.65. Following the sale, the chief executive officer now owns 1,023,412 shares in the company, valued at $30,385,102.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Eva Renee Barnett sold 4,747 shares of the company’s 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 $133,200.82. Following the completion of the sale, the chief financial officer now owns 350,667 shares in the company, valued at approximately $9,839,716.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,475 shares of company stock worth $904,638. Insiders own 5.90% of the company’s stock.

Immunovant Trading Down 1.2 %

Shares of Immunovant stock opened at $29.23 on Friday. The firm has a market cap of $4.27 billion, a P/E ratio of -15.38 and a beta of 0.67. Immunovant, Inc. has a 12 month low of $19.50 and a 12 month high of $45.58. The stock’s fifty day moving average price is $29.85 and its 200-day moving average price is $29.35.

Immunovant (NASDAQ:IMVT) last posted its 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 prior year, the firm posted ($0.57) earnings per share. Analysts forecast that Immunovant, Inc. will post -2.43 earnings per share for the current year.

About Immunovant

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.