Renaissance Technologies LLC Sells 108,100 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Renaissance Technologies LLC cut its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 57.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 80,900 shares of the company's stock after selling 108,100 shares during the period. Renaissance Technologies LLC's holdings in Immunovant were worth $2,004,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its stake in shares of Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after buying an additional 391,436 shares during the last quarter. ABC Arbitrage SA bought a new position in Immunovant in the 4th quarter valued at about $734,000. Vanguard Group Inc. raised its holdings in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock valued at $165,449,000 after acquiring an additional 20,614 shares during the period. Rhumbline Advisers raised its holdings in Immunovant by 1.5% in the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock valued at $2,005,000 after acquiring an additional 1,188 shares during the period. Finally, Sei Investments Co. raised its holdings in Immunovant by 4.0% in the 4th quarter. Sei Investments Co. now owns 40,456 shares of the company's stock valued at $1,002,000 after acquiring an additional 1,541 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Immunovant

In related news, insider Michael Geffner sold 2,349 shares of Immunovant stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total value of $34,741.71. Following the transaction, the insider now directly owns 225,370 shares of the company's stock, valued at $3,333,222.30. The trade was a 1.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the transaction, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. The trade was a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,682 shares of company stock valued at $753,419 over the last three months. 5.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

IMVT has been the topic of several recent research reports. UBS Group reaffirmed a "neutral" rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Bank of America decreased their price target on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Wolfe Research lowered Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Finally, Jefferies Financial Group started coverage on Immunovant in a report on Monday, March 3rd. They issued a "hold" rating and a $20.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $38.33.

Immunovant Price Performance

NASDAQ:IMVT traded up $0.70 on Monday, reaching $15.42. 1,444,804 shares of the company's stock were exchanged, compared to its average volume of 1,200,392. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -5.89 and a beta of 0.81. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $34.47. The stock has a fifty day simple moving average of $17.39 and a 200-day simple moving average of $22.92.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). As a group, sell-side analysts predict that Immunovant, Inc. will post -2.69 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.