GSA Capital Partners LLP Takes $2.52 Million Position in Immunovant, Inc. $IMVT

GSA Capital Partners LLP purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 65,267 shares of the company’s stock, valued at approximately $2,515,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new stake in Immunovant during the 4th quarter worth approximately $25,000. Strs Ohio acquired a new position in Immunovant in the 1st quarter valued at approximately $27,000. PNC Financial Services Group Inc. increased its position in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares during the period. Quarry LP raised its stake in shares of Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Immunovant by 228.9% during 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 last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Insider Activity at Immunovant

In other news, CTO Jay S. Stout sold 3,487 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the transaction, the chief technology officer owned 208,198 shares of the company’s stock, valued at $8,234,230.90. This represents a 1.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,092 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the transaction, the chief executive officer directly owned 254,280 shares in the company, valued at approximately $9,784,694.40. This trade represents a 1.20% 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. Over the last quarter, insiders have sold 324,810 shares of company stock worth $11,350,166. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on IMVT. Citigroup lifted their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Sanford C. Bernstein raised Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Guggenheim raised their target price on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. lifted their target price on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Bank of America increased their price target on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Immunovant currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $41.82 on Friday. The company’s 50 day moving average price is $38.19 and its 200-day moving average price is $31.12. Immunovant, Inc. has a 52-week low of $14.47 and a 52-week high of $42.92. The company has a market capitalization of $8.64 billion, a P/E ratio of -14.83 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period in the previous year, the company earned ($0.71) earnings per share. Analysts forecast that Immunovant, Inc. will post -2.72 earnings per share for the current year.

About Immunovant

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.