Immunovant, Inc. $IMVT Stock Position Increased by Two Seas Capital LP

Two Seas Capital LP lifted its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 46.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,612,692 shares of the company’s stock after purchasing an additional 1,464,187 shares during the period. Immunovant makes up 1.8% of Two Seas Capital LP’s holdings, making the stock its 6th biggest holding. Two Seas Capital LP owned approximately 2.23% of Immunovant worth $155,817,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in IMVT. Quantbot Technologies LP purchased a new position in Immunovant in the 2nd quarter valued at approximately $87,000. Nykredit A S acquired a new stake in shares of Immunovant in the second quarter valued at $174,000. State of Wyoming purchased a new position in Immunovant in the second quarter valued at $208,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Immunovant during the second quarter worth approximately $223,000. Finally, Keybank National Association OH acquired a new stake in Immunovant in the first quarter valued at approximately $342,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Stock Performance

NASDAQ IMVT traded down $1.14 during trading hours on Tuesday, hitting $32.11. The company had a trading volume of 1,673,988 shares, compared to its average volume of 1,515,794. The business has a 50 day moving average of $38.89 and a 200-day moving average of $34.35. The company has a market cap of $6.63 billion, a PE ratio of -11.39 and a beta of 0.84. Immunovant, Inc. has a 1-year low of $15.95 and a 1-year high of $45.42.

Immunovant (NASDAQ:IMVT) last posted its earnings results 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 analyst estimates of $7.09 million. During the same period in the prior year, the firm earned ($0.71) earnings per share. Sell-side analysts expect that Immunovant, Inc. will post -2.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on IMVT shares. Citigroup reiterated a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. JPMorgan Chase & Co. boosted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. HC Wainwright reissued a “buy” rating on shares of Immunovant in a report on Thursday, September 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Friday. Finally, Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a report on Wednesday, July 29th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Immunovant presently has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Insider Buying and Selling

In other news, insider Christopher Van Tuyl sold 2,846 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $36.36, for a total value of $103,480.56. Following the completion of the sale, the insider directly owned 176,545 shares of the company’s stock, valued at approximately $6,419,176.20. This represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,036 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $80,523.80. Following the transaction, the chief operating officer owned 222,357 shares in the company, valued at approximately $8,794,219.35. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 14,581 shares of company stock valued at $554,107 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.