Affinity Asset Advisors LLC Lowers Stock Holdings in Immunovant, Inc. $IMVT

Affinity Asset Advisors LLC reduced its position in Immunovant, Inc. (NASDAQ:IMVT) by 50.0% in the first quarter, Holdings Channel.com reports. The fund owned 100,000 shares of the company’s stock after selling 100,000 shares during the quarter. Affinity Asset Advisors LLC’s holdings in Immunovant were worth $2,484,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in shares of Immunovant in the first quarter worth $4,782,000. Inceptionr LLC purchased a new stake in Immunovant in the first quarter valued at approximately $603,000. Sei Investments Co. raised its stake in Immunovant by 38.8% in the first quarter. Sei Investments Co. now owns 17,746 shares of the company’s stock valued at $441,000 after purchasing an additional 4,962 shares in the last quarter. Swiss National Bank lifted its position in Immunovant by 0.7% during the first quarter. Swiss National Bank now owns 159,400 shares of the company’s stock valued at $3,959,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in Immunovant by 356.4% in the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after buying an additional 2,496,241 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on IMVT. The Goldman Sachs Group raised their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. HC Wainwright increased their target price on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Monday, July 6th. Truist Financial lifted their price target on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. Finally, Citigroup upped their price objective on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $39.70.

Insiders Place Their Bets

In other news, CTO Jay S. Stout sold 40,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief technology officer owned 211,685 shares in the company, valued at approximately $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Tiago Girao sold 10,000 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.46, for a total transaction of $384,600.00. Following the sale, the chief financial officer owned 247,596 shares in the company, valued at approximately $9,522,542.16. The trade was a 3.88% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 327,312 shares of company stock valued at $11,418,145. 1.80% of the stock is owned by company insiders.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $39.41 on Friday. The business has a fifty day moving average price of $35.87 and a 200-day moving average price of $29.67. The company has a market capitalization of $8.13 billion, a PE ratio of -14.18 and a beta of 0.76. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $41.23.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results 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 period in the prior year, the company posted ($0.64) EPS. On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

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.