Seven Eight Capital LP Has $279,000 Stock Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Seven Eight Capital LP trimmed its position in Immunovant, Inc. (NASDAQ:IMVT) by 84.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,575 shares of the company’s stock after selling 55,540 shares during the period. Seven Eight Capital LP’s holdings in Immunovant were worth $279,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Immunovant by 12.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 437,080 shares of the company’s stock worth $18,414,000 after buying an additional 49,840 shares during the last quarter. UBS Group AG raised its holdings in shares of Immunovant by 82.9% in the 4th quarter. UBS Group AG now owns 155,082 shares of the company’s stock worth $6,534,000 after acquiring an additional 70,285 shares during the last quarter. Assetmark Inc. bought a new position in Immunovant in the 4th quarter valued at about $61,000. Franklin Resources Inc. acquired a new position in Immunovant during the 4th quarter valued at about $22,712,000. Finally, TD Asset Management Inc increased its holdings in Immunovant by 112.5% during the 4th quarter. TD Asset Management Inc now owns 66,308 shares of the company’s stock worth $2,794,000 after purchasing an additional 35,108 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Activity at Immunovant

In related news, insider Julia G. Butchko sold 1,527 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total transaction of $42,847.62. Following the sale, the insider now directly owns 446,853 shares in the company, valued at approximately $12,538,695.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Immunovant news, CTO Jay S. Stout sold 2,813 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $78,088.88. Following the completion of the transaction, 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 filing with the SEC, which can be accessed through the SEC website. Also, insider Julia G. Butchko sold 1,527 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total value of $42,847.62. Following the sale, the insider now owns 446,853 shares in the company, valued at $12,538,695.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,475 shares of company stock worth $904,638. Company insiders own 5.90% of the company’s stock.

Immunovant Trading Down 3.0 %

NASDAQ:IMVT opened at $28.34 on Tuesday. Immunovant, Inc. has a 12 month low of $19.50 and a 12 month high of $45.58. The firm’s 50 day moving average is $29.80 and its 200 day moving average is $29.27. The stock has a market capitalization of $4.14 billion, a PE ratio of -14.92 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same quarter in the previous year, the company posted ($0.57) earnings per share. Research analysts predict that Immunovant, Inc. will post -2.43 earnings per share for the current year.

About Immunovant

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.