ExodusPoint Capital Management LP Invests $724,000 in Immunovant, Inc. (NASDAQ:IMVT)

ExodusPoint Capital Management LP bought a new stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 29,233 shares of the company's stock, valued at approximately $724,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. KBC Group NV increased its stake in shares of Immunovant by 60.1% during the 4th quarter. KBC Group NV now owns 3,099 shares of the company's stock worth $77,000 after purchasing an additional 1,163 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Immunovant in the fourth quarter valued at approximately $268,000. Aigen Investment Management LP bought a new position in shares of Immunovant during the 4th quarter worth approximately $270,000. Teacher Retirement System of Texas increased its holdings in shares of Immunovant by 18.5% during the 4th quarter. Teacher Retirement System of Texas now owns 15,203 shares of the company's stock worth $377,000 after acquiring an additional 2,373 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Immunovant in the 4th quarter valued at $505,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on IMVT shares. HC Wainwright reiterated a "buy" rating and issued a $51.00 price objective on shares of Immunovant in a report on Wednesday, March 19th. Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. Jefferies Financial Group began coverage on Immunovant in a report on Monday, March 3rd. They set a "hold" rating and a $20.00 price objective for the company. Wells Fargo & Company lowered their target price on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Finally, Guggenheim restated a "buy" rating on shares of Immunovant in a research note on Thursday, March 20th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Immunovant has an average rating of "Buy" and a consensus price target of $41.00.

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Immunovant Stock Performance

Shares of NASDAQ IMVT traded up $0.04 during mid-day trading on Tuesday, reaching $15.47. The company had a trading volume of 1,161,499 shares, compared to its average volume of 1,188,560. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -5.90 and a beta of 0.81. The business's 50-day simple moving average is $18.43 and its 200 day simple moving average is $23.95. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Buying and Selling at Immunovant

In other news, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares of the company's stock, valued at approximately $1,801,494.80. This represents a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Salzmann sold 8,767 shares of Immunovant stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total transaction of $208,917.61. Following the sale, the chief executive officer now directly owns 964,225 shares in the company, valued at $22,977,481.75. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,394 shares of company stock worth $956,666 over the last three months. Corporate insiders own 5.90% of the company's stock.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.