Two Seas Capital LP Acquires New Holdings in Immunovant, Inc. $IMVT

Two Seas Capital LP bought a new position in Immunovant, Inc. (NASDAQ:IMVT) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 3,148,505 shares of the company’s stock, valued at approximately $121,312,000. Immunovant accounts for about 2.4% of Two Seas Capital LP’s investment portfolio, making the stock its 8th largest holding.

A number of other large investors have also recently added to or reduced their stakes in IMVT. Geneos Wealth Management Inc. acquired a new position in Immunovant during the fourth quarter valued at approximately $25,000. Strs Ohio bought a new position in shares of Immunovant in the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. lifted its stake in shares of Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares during the last quarter. Quarry LP lifted its stake in shares of Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after buying an additional 1,461 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Immunovant during the 2nd quarter worth $87,000. Institutional investors own 47.08% of the company’s stock.

Insider Activity

In other Immunovant news, insider Tuyl Christopher Van sold 17,824 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $682,837.44. Following the sale, the insider directly owned 180,597 shares in the company, valued at $6,918,671.07. This trade represents a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Andrew J. Fromkin sold 221,951 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the completion of the sale, the director owned 74,382 shares in the company, valued at $2,492,540.82. This represents a 74.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 318,810 shares of company stock worth $11,158,166. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IMVT shares. HC Wainwright raised their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Monday, July 6th. Bank of America upped their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Finally, Citigroup raised their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Immunovant currently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Immunovant Stock Up 0.0%

Shares of NASDAQ IMVT opened at $44.37 on Friday. Immunovant, Inc. has a 12 month low of $14.47 and a 12 month high of $45.42. The company has a market cap of $9.16 billion, a P/E ratio of -15.73 and a beta of 0.77. The business’s 50 day moving average is $39.42 and its two-hundred day moving average is $31.75.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period last year, the company earned ($0.71) earnings per share. Sell-side analysts expect that Immunovant, Inc. will post -2.9 earnings per share for the current fiscal year.

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.