Granahan Investment Management LLC Sells 36,033 Shares of Immunovant, Inc. $IMVT

Granahan Investment Management LLC lowered its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 13.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 230,188 shares of the company’s stock after selling 36,033 shares during the period. Granahan Investment Management LLC owned about 0.11% of Immunovant worth $5,851,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new position in shares of Immunovant during the 4th quarter valued at $25,000. Strs Ohio bought a new stake in Immunovant in the 1st quarter worth $27,000. Aster Capital Management DIFC Ltd bought a new stake in Immunovant in the 3rd quarter worth $33,000. PNC Financial Services Group Inc. grew its holdings in Immunovant by 138.9% in the 3rd 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 during the last quarter. Finally, Quarry LP grew its holdings in 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 last quarter. Institutional investors own 47.08% of the company’s stock.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 2,754 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total value of $81,573.48. Following the completion of the sale, the chief technology officer directly owned 251,685 shares of the company’s stock, valued at approximately $7,454,909.70. This trade represents a 1.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Robert Graham Susman sold 2,502 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $27.17, for a total transaction of $67,979.34. Following the completion of the sale, the director directly owned 36,394 shares of the company’s stock, valued at approximately $988,824.98. This represents a 6.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 297,215 shares of company stock worth $9,481,453. 1.80% of the stock is owned by corporate insiders.

Immunovant Trading Up 0.5%

NASDAQ:IMVT opened at $33.61 on Wednesday. The company has a 50-day moving average price of $29.61 and a 200-day moving average price of $27.02. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $36.28. The stock has a market cap of $6.90 billion, a price-to-earnings ratio of -12.09 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the firm earned ($0.64) EPS. Equities analysts forecast that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Analyst Ratings Changes

IMVT has been the topic of a number of recent analyst reports. Citigroup reissued a “buy” rating on shares of Immunovant in a report on Thursday, May 21st. The Goldman Sachs Group raised their price target on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Bank of America raised their price target on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. HC Wainwright raised their price target on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Finally, Guggenheim raised their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Six 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 data from MarketBeat.com, Immunovant presently has an average rating of “Hold” and an average target price of $37.33.

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.