Immunovant, Inc. $IMVT Stock Position Lessened by SG Americas Securities LLC

SG Americas Securities LLC trimmed its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 50.1% during the first quarter, Holdings Channel.com reports. The firm owned 22,801 shares of the company’s stock after selling 22,847 shares during the quarter. SG Americas Securities LLC’s holdings in Immunovant were worth $566,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in Immunovant in the 4th quarter valued at about $25,000. Strs Ohio bought a new stake in shares of Immunovant during the 1st quarter worth about $27,000. PNC Financial Services Group Inc. raised its position in shares of Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares in the last quarter. Quarry LP lifted its stake in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Immunovant by 228.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock worth $98,000 after acquiring an additional 4,273 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on IMVT shares. Bank of America raised their price objective on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Sanford C. Bernstein initiated coverage on Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. HC Wainwright boosted their price objective on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Finally, Citigroup boosted their price objective on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $39.70.

Insider Buying and Selling

In other news, Director Andrew J. Fromkin sold 221,951 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the completion of the sale, the director owned 74,382 shares in the company, valued at approximately $2,492,540.82. This represents a 74.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Tiago Girao sold 25,760 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $763,011.20. Following the sale, the chief financial officer directly owned 247,596 shares of the company’s stock, valued at approximately $7,333,793.52. This represents a 9.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 349,097 shares of company stock valued at $11,996,598 in the last three months. Insiders own 1.80% of the company’s stock.

Immunovant Price Performance

NASDAQ IMVT opened at $40.09 on Wednesday. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $40.77. The company has a market capitalization of $8.23 billion, a P/E ratio of -14.42 and a beta of 0.76. The company’s 50 day simple moving average is $32.89 and its 200 day simple moving average is $28.47.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the previous year, the company posted ($0.64) EPS. On average, analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Immunovant Company 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.