BNP Paribas Financial Markets Lowers Stake in Immunovant, Inc. $IMVT

BNP Paribas Financial Markets lessened its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 48.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 353,056 shares of the company’s stock after selling 330,346 shares during the quarter. BNP Paribas Financial Markets’ holdings in Immunovant were worth $8,975,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in IMVT. ADAR1 Capital Management LLC grew its position in Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after acquiring an additional 1,706,687 shares during the period. Vanguard Group Inc. grew its position in Immunovant by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after acquiring an additional 952,504 shares during the period. Jennison Associates LLC purchased a new stake in Immunovant during the fourth quarter valued at about $17,806,000. Armistice Capital LLC grew its position in Immunovant by 12.2% during the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after acquiring an additional 636,000 shares during the period. Finally, Two Seas Capital LP lifted its stake in shares of Immunovant by 22.6% during the third quarter. Two Seas Capital LP now owns 2,762,040 shares of the company’s stock worth $44,524,000 after purchasing an additional 509,268 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IMVT. Citigroup restated a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. HC Wainwright boosted their price objective on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Bank of America boosted their price objective on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Sanford C. Bernstein began coverage on Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Immunovant presently has a consensus rating of “Hold” and an average price target of $37.33.

Insider Activity at Immunovant

In other news, CEO Eric Venker sold 14,229 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $24.10, for a total transaction of $342,918.90. Following the completion of the transaction, the chief executive officer directly owned 19,561 shares of the company’s stock, valued at approximately $471,420.10. This represents a 42.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 10,132 shares of the company’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 transaction, the chief technology officer directly owned 254,439 shares of the company’s stock, valued at $6,317,720.37. This trade represents a 3.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 300,092 shares of company stock valued at $9,553,291. 1.80% of the stock is owned by insiders.

Immunovant Stock Down 1.0%

Shares of NASDAQ IMVT opened at $30.80 on Tuesday. The stock’s 50 day moving average price is $28.61 and its two-hundred day moving average price is $26.62. Immunovant, Inc. has a 52-week low of $14.32 and a 52-week high of $36.28. The stock has a market capitalization of $6.32 billion, a P/E ratio of -11.08 and a beta of 0.76.

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