SG Americas Securities LLC Trims Stock Holdings in Immunovant, Inc. $IMVT

SG Americas Securities LLC lessened its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 50.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,801 shares of the company’s stock after selling 22,847 shares during the quarter. SG Americas Securities LLC’s holdings in Immunovant were worth $566,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new position in shares of Immunovant during the 4th quarter valued at approximately $25,000. Strs Ohio bought a new stake in shares of Immunovant in the first quarter worth $27,000. PNC Financial Services Group Inc. raised its holdings in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares in the last quarter. Quarry LP raised its holdings in Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after acquiring an additional 4,273 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 40,000 shares of Immunovant stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the sale, the chief technology officer directly owned 211,685 shares in the company, valued at $8,109,652.35. This trade represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Atul Pande sold 1,500 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.01, for a total transaction of $57,015.00. Following the transaction, the director directly owned 116,731 shares of the company’s stock, valued at $4,436,945.31. The trade was a 1.27% decrease in their ownership of the stock. 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 sold a total of 349,097 shares of company stock valued at $11,996,598 in the last three months. 1.80% of the stock is owned by corporate insiders.

Immunovant Trading Up 3.9%

NASDAQ:IMVT opened at $40.09 on Wednesday. The stock has a 50 day moving average of $32.89 and a 200-day moving average of $28.47. The firm has a market capitalization of $8.23 billion, a PE ratio of -14.42 and a beta of 0.76. Immunovant, Inc. has a 52 week low of $14.32 and a 52 week high of $40.77.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the business posted ($0.64) earnings per share. As a group, analysts predict that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on IMVT. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. HC Wainwright upped 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. Citigroup lifted their price target on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Guggenheim boosted their price objective on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Finally, Bank of America upped their price objective on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $39.70.

About Immunovant

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.