Alpine Global Management LLC Sells 128,039 Shares of Immunovant, Inc. $IMVT

Alpine Global Management LLC lessened its stake in shares of Immunovant, Inc. (NASDAQ:IMVT) by 4.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,626,692 shares of the company’s stock after selling 128,039 shares during the period. Immunovant comprises 11.4% of Alpine Global Management LLC’s investment portfolio, making the stock its largest position. Alpine Global Management LLC’s holdings in Immunovant were worth $66,771,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC increased its position in shares of Immunovant by 4.5% in the fourth quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock worth $360,000 after purchasing an additional 610 shares during the period. Wellington Management Group LLP raised its stake in Immunovant by 2.7% in the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after purchasing an additional 755 shares in the last quarter. Royal Bank of Canada lifted its position in Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after purchasing an additional 780 shares during the period. The Manufacturers Life Insurance Company lifted its position in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares during the period. Finally, Banque Pictet & Cie SA grew its stake in Immunovant by 0.9% during the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock worth $2,920,000 after buying an additional 993 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IMVT has been the topic of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Guggenheim increased their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Citigroup reiterated a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. Truist Financial lifted their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Immunovant currently has an average rating of “Hold” and an average target price of $37.33.

Immunovant Trading Up 1.8%

IMVT opened at $35.34 on Friday. The company’s 50 day moving average is $30.02 and its 200-day moving average is $27.17. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $36.28. The company has a market cap of $7.26 billion, a P/E ratio of -12.71 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter in the prior year, the company posted ($0.64) earnings per share. On average, equities analysts forecast that Immunovant, Inc. will post -2.65 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Jay S. Stout sold 10,132 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $251,577.56. Following the completion of the transaction, the chief technology officer owned 254,439 shares in the company, valued at $6,317,720.37. This trade represents a 3.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Andrew J. Fromkin sold 221,951 shares of Immunovant stock in a transaction that occurred 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 sale, the director owned 74,382 shares in the company, valued at approximately $2,492,540.82. This represents a 74.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 297,215 shares of company stock worth $9,481,453. Company insiders own 1.80% of the company’s stock.

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.