Perceptive Advisors LLC Reduces Stake in Immunovant, Inc. $IMVT

Perceptive Advisors LLC lessened its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 19.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,597,383 shares of the company’s stock after selling 397,507 shares during the period. Immunovant accounts for about 0.8% of Perceptive Advisors LLC’s portfolio, making the stock its 29th biggest position. Perceptive Advisors LLC’s holdings in Immunovant were worth $39,679,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after acquiring an additional 3,348 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Immunovant by 48.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after acquiring an additional 329,354 shares during the period. Strs Ohio purchased a new position in shares of Immunovant during the first quarter worth $27,000. Legal & General Group Plc raised its holdings in shares of Immunovant by 6.9% during the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after purchasing an additional 5,010 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Immunovant by 20.7% during the second quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock worth $1,068,000 after purchasing an additional 11,438 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 3,487 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the transaction, the chief technology officer directly owned 208,198 shares in the company, valued at approximately $8,234,230.90. The trade was a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 1,206 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $47,697.30. Following the completion of the sale, the insider owned 179,391 shares of the company’s stock, valued at $7,094,914.05. This trade represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 324,810 shares of company stock worth $11,350,166 in the last quarter. 1.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on IMVT shares. Truist Financial upped their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a report on Friday, May 22nd. HC Wainwright lifted their price objective on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Bank of America upped their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Finally, Guggenheim lifted their price target on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.11.

Immunovant Stock Performance

IMVT opened at $38.62 on Friday. Immunovant, Inc. has a fifty-two week low of $14.32 and a fifty-two week high of $41.23. The company has a fifty day moving average of $36.65 and a two-hundred day moving average of $30.13. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of -13.89 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period last year, the business posted ($0.64) EPS. On average, equities research analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current year.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.