Rock Springs Capital Management LP Lowers Stock Position in Immunovant, Inc. (NASDAQ:IMVT)

Rock Springs Capital Management LP reduced its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 25.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 909,103 shares of the company's stock after selling 312,206 shares during the period. Rock Springs Capital Management LP owned approximately 0.54% of Immunovant worth $22,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV raised its position in shares of Immunovant by 60.1% in the 4th quarter. KBC Group NV now owns 3,099 shares of the company's stock valued at $77,000 after purchasing an additional 1,163 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Immunovant during the fourth quarter worth $268,000. Aigen Investment Management LP purchased a new stake in shares of Immunovant during the fourth quarter valued at $270,000. CANADA LIFE ASSURANCE Co increased its position in shares of Immunovant by 138.4% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 14,276 shares of the company's stock valued at $353,000 after acquiring an additional 8,289 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in Immunovant by 18.5% in 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. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Immunovant

In other news, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the sale, the director now owns 91,913 shares of the company's stock, valued at approximately $1,801,494.80. The trade was a 8.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter Salzmann sold 28,094 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total value 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. In the last 90 days, insiders have sold 47,408 shares of company stock worth $690,207. Corporate insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on IMVT shares. Wolfe Research downgraded Immunovant from an "outperform" rating to a "peer perform" rating in a research note on Friday, January 3rd. HC Wainwright reiterated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Jefferies Financial Group assumed coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a "hold" rating and a $20.00 price objective on the stock. Finally, UBS Group reissued a "neutral" rating and set a $17.00 target price (down previously from $38.00) on shares of Immunovant in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

Immunovant Stock Up 1.4 %

Shares of NASDAQ:IMVT traded up $0.20 during trading on Wednesday, reaching $14.45. 1,274,436 shares of the company's stock traded hands, compared to its average volume of 1,200,057. Immunovant, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $34.47. The company has a 50-day simple moving average of $17.73 and a 200-day simple moving average of $23.32. The firm has a market cap of $2.45 billion, a PE ratio of -5.52 and a beta of 0.81.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data 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, equities research analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

Immunovant 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.