Immunovant, Inc. $IMVT Shares Purchased by Granahan Investment Management LLC

Granahan Investment Management LLC boosted its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 24.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 266,221 shares of the company’s stock after acquiring an additional 53,133 shares during the period. Granahan Investment Management LLC owned about 0.15% of Immunovant worth $4,291,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Strs Ohio acquired a new stake in shares of Immunovant in the first quarter valued at approximately $27,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Immunovant during the 3rd quarter worth approximately $33,000. PNC Financial Services Group Inc. raised its position in shares of Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after purchasing an additional 1,646 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Immunovant by 228.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after buying an additional 4,273 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in Immunovant by 14.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock valued at $112,000 after buying an additional 904 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Insider Buying and Selling at Immunovant

In related news, insider Tuyl Christopher Van sold 10,813 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $26.91, for a total transaction of $290,977.83. Following the transaction, the insider directly owned 149,930 shares in the company, valued at approximately $4,034,616.30. This represents a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Jay S. Stout sold 1,977 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the sale, the chief technology officer directly owned 197,634 shares in the company, valued at approximately $5,144,413.02. The trade was a 0.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,993 shares of company stock valued at $374,355 over the last quarter. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IMVT shares. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Tuesday, January 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Immunovant in a research note on Tuesday, February 10th. Guggenheim lifted their price objective on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, The Goldman Sachs Group boosted their target price on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, December 15th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Immunovant currently has an average rating of “Moderate Buy” and a consensus target price of $32.50.

Immunovant Stock Performance

IMVT stock opened at $25.00 on Tuesday. The company has a 50 day moving average price of $26.29 and a two-hundred day moving average price of $22.75. The stock has a market capitalization of $5.09 billion, a P/E ratio of -9.29 and a beta of 0.61. Immunovant, Inc. has a one year low of $12.72 and a one year high of $29.25.

Immunovant (NASDAQ:IMVT) last issued its quarterly 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 period in the previous year, the business posted ($0.76) EPS. Research analysts forecast that Immunovant, Inc. will post -2.69 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.