Granahan Investment Management LLC Increases Stock Position in Immunovant, Inc. $IMVT

Granahan Investment Management LLC grew its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 244,430 shares of the company’s stock after purchasing an additional 14,242 shares during the period. Granahan Investment Management LLC’s holdings in Immunovant were worth $6,072,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Geneos Wealth Management Inc. acquired a new stake in shares of Immunovant in the 4th quarter valued at approximately $25,000. Strs Ohio acquired a new position in Immunovant during the first quarter worth $27,000. PNC Financial Services Group Inc. raised its position in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after acquiring an additional 1,646 shares in the last quarter. Quarry LP raised its position in Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after acquiring an additional 4,273 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Immunovant

In related news, CEO Eric Venker sold 3,092 shares of Immunovant stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total transaction of $118,980.16. Following the completion of the sale, the chief executive officer owned 254,280 shares in the company, valued at approximately $9,784,694.40. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,036 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $80,523.80. Following the completion of the transaction, the chief operating officer directly owned 222,357 shares of the company’s stock, valued at approximately $8,794,219.35. This represents a 0.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 327,312 shares of company stock valued at $11,418,145. 1.80% of the stock is owned by company insiders.

Immunovant Stock Performance

IMVT stock opened at $39.41 on Friday. The stock’s 50 day moving average price is $35.87 and its 200 day moving average price is $29.67. The firm has a market cap of $8.09 billion, a P/E ratio of -14.18 and a beta of 0.76. Immunovant, Inc. has a 1 year low of $14.32 and a 1 year high of $41.23.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the firm earned ($0.64) earnings per share. On average, research analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Guggenheim boosted their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Truist Financial increased their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a report on Friday, May 22nd. 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. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, Citigroup increased their target price on shares of Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $39.70.

Immunovant 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.