Redmile Group LLC Decreases Stake in Immunovant, Inc. (NASDAQ:IMVT)

Redmile Group LLC decreased its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 10.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 642,229 shares of the company's stock after selling 77,948 shares during the quarter. Redmile Group LLC owned about 0.44% of Immunovant worth $18,310,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. KBC Group NV increased its holdings in shares of Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company's stock valued at $55,000 after purchasing an additional 612 shares in the last quarter. Quest Partners LLC increased its holdings in Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company's stock valued at $69,000 after buying an additional 1,786 shares in the last quarter. Headlands Technologies LLC purchased a new position in Immunovant in the second quarter valued at about $77,000. Assetmark Inc. lifted its position in shares of Immunovant by 73.8% during the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company's stock valued at $82,000 after acquiring an additional 1,228 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock worth $148,000 after acquiring an additional 934 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Insider Activity at Immunovant

In related news, CEO Peter Salzmann sold 4,460 shares of the business's stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $131,837.60. Following the completion of the sale, the chief executive officer now directly owns 1,003,884 shares in the company, valued at approximately $29,674,811.04. The trade was a 0.44 % 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, insider Mark S. Levine sold 3,650 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $92,892.50. Following the transaction, the insider now directly owns 319,228 shares in the company, valued at approximately $8,124,352.60. This represents a 1.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,659 shares of company stock worth $2,096,890. 5.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IMVT. Oppenheimer raised their price objective on Immunovant from $47.00 to $53.00 and gave the company an "outperform" rating in a research note on Wednesday, October 9th. Cantor Fitzgerald restated an "overweight" rating on shares of Immunovant in a research report on Monday, September 9th. Raymond James reiterated an "outperform" rating and issued a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. UBS Group lowered their price objective on shares of Immunovant from $42.00 to $41.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. Finally, HC Wainwright restated a "buy" rating and set a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $48.10.

Immunovant Stock Down 0.4 %

Shares of NASDAQ:IMVT traded down $0.12 during trading on Thursday, reaching $28.40. The stock had a trading volume of 793,251 shares, compared to its average volume of 1,066,523. The stock has a market cap of $4.17 billion, a P/E ratio of -12.79 and a beta of 0.64. The business has a fifty day moving average price of $28.95 and a 200-day moving average price of $28.78. Immunovant, Inc. has a fifty-two week low of $24.61 and a fifty-two week high of $45.58.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the prior year, the business posted ($0.45) earnings per share. As a group, equities analysts forecast that Immunovant, Inc. will post -2.73 EPS for the current year.

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.