Quest Partners LLC Grows Position in Immunovant, Inc. (NASDAQ:IMVT)

Quest Partners LLC grew its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 216.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,610 shares of the company’s stock after purchasing an additional 1,786 shares during the quarter. Quest Partners LLC’s holdings in Immunovant were worth $69,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Rhumbline Advisers boosted its holdings in Immunovant by 9.7% in the 2nd quarter. Rhumbline Advisers now owns 83,532 shares of the company’s stock worth $2,205,000 after buying an additional 7,363 shares during the period. Bank of New York Mellon Corp grew its position in shares of Immunovant by 12.6% in the second quarter. Bank of New York Mellon Corp now owns 250,339 shares of the company’s stock valued at $6,609,000 after purchasing an additional 27,960 shares in the last quarter. EFG Asset Management North America Corp. raised its stake in shares of Immunovant by 23.4% during the 2nd quarter. EFG Asset Management North America Corp. now owns 58,070 shares of the company’s stock valued at $1,531,000 after purchasing an additional 11,000 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Immunovant by 198.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock worth $8,224,000 after purchasing an additional 207,003 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in Immunovant by 638.7% in the 2nd quarter. SG Americas Securities LLC now owns 30,702 shares of the company’s stock worth $811,000 after purchasing an additional 26,546 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Insider Buying and Selling at Immunovant

In other news, CTO Jay S. Stout sold 2,813 shares of Immunovant stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $78,088.88. Following the sale, the chief technology officer now directly owns 144,926 shares in the company, valued at approximately $4,023,145.76. The sale was disclosed in a filing with the SEC, which is available through this link. In other Immunovant news, CTO Jay S. Stout sold 2,813 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total value of $78,088.88. Following the completion of the transaction, the chief technology officer now directly owns 144,926 shares in the company, valued at approximately $4,023,145.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark S. Levine sold 2,505 shares of Immunovant stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $74,373.45. Following the sale, the insider now directly owns 337,409 shares in the company, valued at approximately $10,017,673.21. The disclosure for this sale can be found here. Insiders sold 31,475 shares of company stock valued at $904,638 in the last 90 days. Insiders own 5.90% of the company’s stock.

Wall Street Analyst Weigh In

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

Immunovant Stock Down 1.2 %

Shares of NASDAQ IMVT opened at $29.08 on Wednesday. The company has a market cap of $4.25 billion, a price-to-earnings ratio of -15.31 and a beta of 0.67. The firm’s fifty day moving average is $29.92 and its 200 day moving average is $29.39. Immunovant, Inc. has a 52 week low of $19.50 and a 52 week high of $45.58.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the previous year, the firm posted ($0.57) EPS. Equities research analysts anticipate that Immunovant, Inc. will post -2.43 earnings per share for the current year.

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.