Logos Global Management LP Sells 1,200,000 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Logos Global Management LP cut its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 67.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 575,000 shares of the company’s stock after selling 1,200,000 shares during the quarter. Immunovant accounts for about 1.2% of Logos Global Management LP’s portfolio, making the stock its 19th biggest holding. Logos Global Management LP owned about 0.39% of Immunovant worth $15,180,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Boxer Capital LLC grew its holdings in shares of Immunovant by 33.3% during the fourth quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock worth $42,130,000 after buying an additional 250,000 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Immunovant by 198.0% during the second quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock worth $8,224,000 after buying an additional 207,003 shares in the last quarter. ADAR1 Capital Management LLC bought a new position in Immunovant in the fourth quarter valued at approximately $5,651,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Immunovant by 98.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock valued at $2,319,000 after purchasing an additional 35,589 shares in the last quarter. Finally, Armistice Capital LLC grew its stake in Immunovant by 38.6% in the fourth quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock valued at $60,499,000 after purchasing an additional 400,123 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Immunovant Trading Down 3.0 %

NASDAQ:IMVT opened at $28.34 on Tuesday. The stock has a market cap of $4.14 billion, a P/E ratio of -14.92 and a beta of 0.67. The stock has a 50 day simple moving average of $29.80 and a 200 day simple moving average of $29.27. Immunovant, Inc. has a 1-year low of $19.50 and a 1-year high of $45.58.

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

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 4,619 shares of Immunovant stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total transaction of $129,609.14. Following the completion of the sale, the chief executive officer now directly owns 1,032,097 shares of the company’s stock, valued at approximately $28,960,641.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Immunovant news, CFO Eva Renee Barnett sold 4,747 shares of Immunovant stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total value of $133,200.82. Following the completion of the transaction, the chief financial officer now directly owns 350,667 shares of the company’s stock, valued at approximately $9,839,716.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Salzmann sold 4,619 shares of Immunovant stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total value of $129,609.14. Following the completion of the transaction, the chief executive officer now directly owns 1,032,097 shares of the company’s stock, valued at $28,960,641.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,475 shares of company stock valued at $904,638. 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.