Farallon Capital Management LLC Takes $317,000 Position in Immunovant, Inc. (NASDAQ:IMVT)

Farallon Capital Management LLC acquired a new position in Immunovant, Inc. (NASDAQ:IMVT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 12,000 shares of the company’s stock, valued at approximately $317,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Boxer Capital LLC raised its holdings in Immunovant by 33.3% in the 4th quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock valued at $42,130,000 after buying an additional 250,000 shares during the period. Assenagon Asset Management S.A. raised its position in Immunovant by 198.0% in the second quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock valued at $8,224,000 after purchasing an additional 207,003 shares during the period. ADAR1 Capital Management LLC acquired a new position in Immunovant during the 4th quarter worth about $5,651,000. Mirae Asset Global Investments Co. Ltd. grew its position in Immunovant by 98.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock valued at $2,319,000 after acquiring an additional 35,589 shares in the last quarter. Finally, Armistice Capital LLC increased its stake in Immunovant by 38.6% during the fourth quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock worth $60,499,000 after purchasing an additional 400,123 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on IMVT. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Tuesday, September 10th. UBS Group cut their price objective on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Oppenheimer decreased their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, June 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. lowered their price objective on Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Fourteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $48.40.

Immunovant Price Performance

NASDAQ IMVT opened at $28.34 on Tuesday. The firm’s fifty day moving average price is $29.80 and its 200 day moving average price is $29.27. Immunovant, Inc. has a 12 month low of $19.50 and a 12 month high of $45.58. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of -14.92 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same period last year, the business posted ($0.57) earnings per share. As a group, sell-side analysts forecast that Immunovant, Inc. will post -2.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Jay S. Stout sold 2,813 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total transaction of $78,088.88. Following the transaction, the chief technology officer now directly owns 144,926 shares in the company, valued at $4,023,145.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CTO Jay S. Stout sold 2,813 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total transaction of $78,088.88. Following the completion of the sale, the chief technology officer now owns 144,926 shares in the company, valued at approximately $4,023,145.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Geffner sold 3,456 shares of Immunovant stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total transaction of $95,938.56. Following the completion of the transaction, the insider now owns 138,160 shares in the company, valued at $3,835,321.60. The disclosure for this sale can be found here. Insiders have sold a total of 31,475 shares of company stock valued at $904,638 over the last quarter. Company insiders own 5.90% of the company’s stock.

Immunovant Company 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.