Immunovant, Inc. (NASDAQ:IMVT) is Alpine Global Management LLC's 2nd Largest Position

Alpine Global Management LLC boosted its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 14.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,158,904 shares of the company's stock after buying an additional 276,200 shares during the quarter. Immunovant makes up approximately 11.5% of Alpine Global Management LLC's portfolio, making the stock its 2nd largest holding. Alpine Global Management LLC owned approximately 1.27% of Immunovant worth $53,476,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of IMVT. JPMorgan Chase & Co. boosted its stake in shares of Immunovant by 405.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock worth $28,568,000 after acquiring an additional 925,081 shares during the last quarter. Norges Bank purchased a new position in shares of Immunovant in the fourth quarter worth about $15,802,000. FMR LLC boosted its position in Immunovant by 4.5% during the fourth quarter. FMR LLC now owns 13,097,915 shares of the company's stock worth $324,435,000 after acquiring an additional 560,344 shares during the last quarter. Principal Financial Group Inc. grew its stake in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock valued at $27,117,000 after acquiring an additional 391,436 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Immunovant by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock valued at $43,085,000 after acquiring an additional 96,924 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Eva Renee Barnett sold 2,993 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total transaction of $44,565.77. Following the completion of the sale, the chief financial officer now owns 396,774 shares in the company, valued at $5,907,964.86. The trade was a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Peter Salzmann sold 28,094 shares of the stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total transaction of $364,941.06. Following the completion of the transaction, the chief executive officer now owns 1,186,512 shares in the company, valued at $15,412,790.88. This represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,260 shares of company stock worth $804,665. Corporate insiders own 5.90% of the company's stock.

Immunovant Trading Down 4.6 %

NASDAQ:IMVT opened at $14.46 on Tuesday. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $34.47. The firm has a market cap of $2.46 billion, a PE ratio of -5.52 and a beta of 0.81. The stock has a fifty day moving average price of $17.96 and a 200 day moving average price of $23.45.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings data on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). Equities analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

Analysts Set New Price Targets

IMVT has been the topic of a number of analyst reports. HC Wainwright reiterated a "buy" rating and set a $51.00 price objective on shares of Immunovant in a research report on Wednesday, March 19th. Bank of America cut their price objective on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. Jefferies Financial Group began coverage on shares of Immunovant in a report on Monday, March 3rd. They set a "hold" rating and a $20.00 price target for the company. Finally, Guggenheim reissued a "buy" rating on shares of Immunovant in a research note on Thursday, March 20th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $41.00.

About Immunovant

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.

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