Millennium Management LLC Sells 277,575 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Millennium Management LLC lessened its stake in Immunovant, Inc. (NASDAQ:IMVT) by 50.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 275,352 shares of the company’s stock after selling 277,575 shares during the quarter. Millennium Management LLC owned approximately 0.19% of Immunovant worth $7,269,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Quest Partners LLC raised its position in Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after buying an additional 1,786 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Immunovant in the second quarter valued at about $77,000. EntryPoint Capital LLC lifted its position in shares of Immunovant by 288.8% during the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after purchasing an additional 2,163 shares in the last quarter. DNB Asset Management AS boosted its holdings in Immunovant by 10.3% during the second quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock worth $271,000 after purchasing an additional 958 shares during the last quarter. Finally, Farallon Capital Management LLC bought a new stake in Immunovant in the 2nd quarter worth about $317,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on IMVT. Oppenheimer lifted their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. cut their price objective on Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. UBS Group decreased 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. HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a research note on Monday, September 30th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $49.73.

Insider Activity at Immunovant

In other Immunovant news, insider Mark S. Levine sold 2,505 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total transaction of $74,373.45. Following the sale, the insider now owns 337,409 shares in the company, valued at $10,017,673.21. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Mark S. Levine sold 2,505 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Geffner sold 3,456 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $95,938.56. Following the sale, the insider now directly owns 138,160 shares in the company, valued at $3,835,321.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,582 shares of company stock worth $598,980. Corporate insiders own 5.90% of the company’s stock.

Immunovant Stock Performance

Shares of IMVT opened at $30.02 on Thursday. Immunovant, Inc. has a fifty-two week low of $24.67 and a fifty-two week high of $45.58. The business has a 50-day moving average of $29.86 and a 200 day moving average of $29.07. The firm has a market cap of $4.39 billion, a P/E ratio of -15.80 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same period in the previous year, the firm posted ($0.57) EPS. As a group, research analysts predict that Immunovant, Inc. will post -2.43 earnings per share for the current fiscal year.

Immunovant Profile

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.