Algert Global LLC Trims Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Algert Global LLC trimmed its stake in Immunovant, Inc. (NASDAQ:IMVT) by 69.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 36,969 shares of the company’s stock after selling 83,969 shares during the period. Algert Global LLC’s holdings in Immunovant were worth $1,054,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. KBC Group NV raised its stake in shares of Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after acquiring an additional 612 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after buying an additional 934 shares during the period. DNB Asset Management AS increased its stake in Immunovant by 10.3% during the 2nd quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock worth $271,000 after buying an additional 958 shares during the period. Assetmark Inc. increased its stake in Immunovant by 73.8% during the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after buying an additional 1,228 shares during the period. Finally, Quest Partners LLC increased its stake in Immunovant by 216.7% during the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after buying an additional 1,786 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider William L. Macias sold 3,188 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $91,782.52. Following the completion of the sale, the insider now owns 365,144 shares in the company, valued at $10,512,495.76. This represents a 0.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $152,588.72. Following the sale, the chief financial officer now owns 338,614 shares of the company’s stock, valued at approximately $10,009,429.84. This represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock worth $2,096,890 in the last 90 days. Company insiders own 5.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Oppenheimer upped their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Raymond James reissued an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. JPMorgan Chase & Co. dropped their price objective on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant has an average rating of “Buy” and an average target price of $48.10.

Immunovant Trading Up 5.8 %

Shares of Immunovant stock opened at $28.73 on Friday. The company has a fifty day simple moving average of $28.97 and a 200-day simple moving average of $28.86. Immunovant, Inc. has a 12-month low of $24.61 and a 12-month high of $45.58. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -12.94 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period in the previous year, the business posted ($0.45) EPS. On average, analysts forecast that Immunovant, Inc. will post -2.7 earnings per share for the current fiscal 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.