Jennison Associates LLC Takes $17.81 Million Position in Immunovant, Inc. $IMVT

Jennison Associates LLC acquired a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 700,464 shares of the company’s stock, valued at approximately $17,806,000.

Several other institutional investors have also recently made changes to their positions in IMVT. ADAR1 Capital Management LLC raised its holdings in shares of Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after purchasing an additional 1,706,687 shares during the period. Vanguard Group Inc. raised its holdings in shares of Immunovant by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after purchasing an additional 952,504 shares during the period. Armistice Capital LLC raised its holdings in shares of Immunovant by 12.2% during the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after purchasing an additional 636,000 shares during the period. Two Seas Capital LP raised its holdings in shares of Immunovant by 22.6% during the third quarter. Two Seas Capital LP now owns 2,762,040 shares of the company’s stock valued at $44,524,000 after purchasing an additional 509,268 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Immunovant by 2,086.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 463,600 shares of the company’s stock valued at $7,418,000 after purchasing an additional 442,400 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Price Performance

IMVT opened at $27.12 on Friday. Immunovant, Inc. has a fifty-two week low of $13.36 and a fifty-two week high of $30.09. The firm has a market capitalization of $5.52 billion, a PE ratio of -10.08 and a beta of 0.70. The company’s 50-day moving average is $26.09 and its 200 day moving average is $24.98.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter last year, the business posted ($0.76) earnings per share. As a group, analysts expect that Immunovant, Inc. will post -2.67 EPS for the current year.

Analyst Upgrades and Downgrades

IMVT has been the topic of several research reports. HC Wainwright reiterated a “buy” rating and set a $35.00 price objective on shares of Immunovant in a report on Tuesday, February 10th. Guggenheim upped their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price on the stock. Finally, Truist Financial upped their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, January 8th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Immunovant presently has an average rating of “Hold” and an average target price of $32.44.

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 2,754 shares of the company’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 sale, the chief technology officer owned 251,685 shares in the company, valued at $7,454,909.70. This represents a 1.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $27.17, for a total transaction of $67,979.34. Following the completion of the sale, the director owned 36,394 shares of the company’s stock, valued at approximately $988,824.98. This trade represents a 6.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 72,141 shares of company stock worth $1,923,713 over the last ninety days. Insiders own 1.80% of the company’s stock.

Immunovant 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.