Renaissance Technologies LLC Acquires 48,400 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Renaissance Technologies LLC lifted its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 14.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 388,100 shares of the company’s stock after purchasing an additional 48,400 shares during the quarter. Renaissance Technologies LLC owned 0.27% of Immunovant worth $10,246,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in IMVT. Boxer Capital LLC lifted its position in Immunovant by 33.3% during the 4th 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. raised its holdings in 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 acquiring an additional 207,003 shares in the last quarter. ADAR1 Capital Management LLC acquired a new position in Immunovant during 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 increased its position in shares of Immunovant by 38.6% during the 4th 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 last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Immunovant Stock Performance

IMVT stock opened at $28.34 on Tuesday. The company has a market capitalization of $4.14 billion, a PE ratio of -14.92 and a beta of 0.67. Immunovant, Inc. has a 52 week low of $19.50 and a 52 week high of $45.58. The company’s 50-day simple moving average is $29.80 and its 200 day simple moving average is $29.27.

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 analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the prior year, the business posted ($0.57) EPS. On average, analysts forecast that Immunovant, Inc. will post -2.43 EPS for the current year.

Insider Activity

In related news, insider Michael Geffner sold 3,456 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $95,938.56. Following the transaction, the insider now owns 138,160 shares in the company, valued at $3,835,321.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Michael Geffner sold 3,456 shares of the business’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 value of $95,938.56. Following the completion of the transaction, the insider now directly owns 138,160 shares in the company, valued at approximately $3,835,321.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Salzmann sold 8,685 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total transaction of $257,857.65. Following the sale, the chief executive officer now directly owns 1,023,412 shares of the company’s stock, valued at approximately $30,385,102.28. The disclosure for this sale can be found here. In the last three months, insiders sold 31,475 shares of company stock worth $904,638. 5.90% of the stock is currently owned by company insiders.

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.