Jupiter Topco LLC Makes New $1 Million Investment in Immunovant, Inc. $IMVT

Jupiter Topco LLC acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 26,031 shares of the company’s stock, valued at approximately $1,003,000.

A number of other institutional investors and hedge funds have also made changes to their positions in IMVT. Empowered Funds LLC raised its stake in shares of Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after buying an additional 381 shares during the period. Wellington Management Group LLP lifted its position in shares of Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after buying an additional 755 shares in the last quarter. Royal Bank of Canada grew its stake in Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after acquiring an additional 780 shares during the period. The Manufacturers Life Insurance Company grew its stake in Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after acquiring an additional 900 shares during the period. Finally, Swiss National Bank increased its holdings in Immunovant by 0.7% in the 1st quarter. Swiss National Bank now owns 159,400 shares of the company’s stock worth $3,959,000 after acquiring an additional 1,100 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $39.25 on Friday. Immunovant, Inc. has a 1 year low of $14.58 and a 1 year high of $45.42. The firm has a market capitalization of $8.11 billion, a PE ratio of -13.92 and a beta of 0.81. The business’s 50 day moving average price is $40.44 and its 200-day moving average price is $32.83.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the prior year, the company posted ($0.71) earnings per share. As a group, analysts expect that Immunovant, Inc. will post -2.96 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other news, Director Atul Pande sold 1,500 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $43.27, for a total value of $64,905.00. Following the transaction, the director directly owned 116,731 shares of the company’s stock, valued at approximately $5,050,950.37. This trade represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Melanie Gloria sold 2,036 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $80,523.80. Following the transaction, the chief operating officer owned 222,357 shares in the company, valued at $8,794,219.35. The trade was a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 98,359 shares of company stock valued at $3,785,493. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Bank of America upped their price objective on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Guggenheim lifted their target price on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. boosted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

Immunovant Company Profile

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.