Fred Alger Management LLC Trims Stake in Immunovant, Inc. (NASDAQ:IMVT)

Fred Alger Management LLC decreased its stake in shares of Immunovant, Inc. (NASDAQ:IMVT) by 52.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 607,724 shares of the company’s stock after selling 664,038 shares during the period. Fred Alger Management LLC owned 0.42% of Immunovant worth $16,044,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Farallon Capital Management LLC purchased a new stake in Immunovant during the 2nd quarter worth about $317,000. Rubric Capital Management LP purchased a new position in Immunovant in the 2nd quarter valued at about $1,548,000. Ensign Peak Advisors Inc boosted its stake in shares of Immunovant by 22.2% during the 2nd quarter. Ensign Peak Advisors Inc now owns 204,221 shares of the company’s stock worth $5,391,000 after purchasing an additional 37,165 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Immunovant during the second quarter worth about $5,275,000. Finally, Renaissance Technologies LLC raised its position in shares of Immunovant by 14.2% in the second quarter. Renaissance Technologies LLC now owns 388,100 shares of the company’s stock valued at $10,246,000 after buying an additional 48,400 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Trading Down 1.3 %

NASDAQ:IMVT opened at $28.42 on Thursday. The firm’s fifty day simple moving average is $29.76 and its 200 day simple moving average is $29.25. Immunovant, Inc. has a twelve month low of $24.67 and a twelve month high of $45.58. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of -14.96 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last released 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 period in the previous year, the firm earned ($0.57) EPS. On average, analysts predict that Immunovant, Inc. will post -2.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Peter Salzmann sold 8,685 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total transaction of $257,857.65. Following the completion of the transaction, the chief executive officer now directly owns 1,023,412 shares in the company, valued at approximately $30,385,102.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Julia G. Butchko sold 1,527 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 value of $42,847.62. Following the completion of the transaction, the insider now owns 446,853 shares in the company, valued at approximately $12,538,695.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Peter Salzmann sold 8,685 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total transaction of $257,857.65. Following the sale, the chief executive officer now directly owns 1,023,412 shares in the company, valued at $30,385,102.28. The disclosure for this sale can be found here. Insiders have sold 31,475 shares of company stock worth $904,638 in the last three months. 5.90% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.