Renaissance Technologies LLC Invests $4.78 Million in Immunovant, Inc. $IMVT

Renaissance Technologies LLC purchased a new stake in Immunovant, Inc. (NASDAQ:IMVT) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 192,500 shares of the company’s stock, valued at approximately $4,782,000. Renaissance Technologies LLC owned approximately 0.09% of Immunovant at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Jennison Associates LLC purchased a new stake in shares of Immunovant during the 4th quarter worth $17,806,000. Two Seas Capital LP lifted its stake in shares of Immunovant by 3.8% in the fourth quarter. Two Seas Capital LP now owns 2,866,962 shares of the company’s stock valued at $72,878,000 after purchasing an additional 104,922 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Immunovant by 24.0% in the first quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company’s stock valued at $11,734,000 after purchasing an additional 91,539 shares during the period. Profund Advisors LLC boosted its holdings in Immunovant by 120.4% during the fourth quarter. Profund Advisors LLC now owns 49,076 shares of the company’s stock worth $1,248,000 after buying an additional 26,810 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Immunovant by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock worth $197,750,000 after buying an additional 952,504 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Insider Activity

In related news, CTO Jay S. Stout sold 40,000 shares of Immunovant stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the completion of the transaction, the chief technology officer directly owned 211,685 shares in the company, valued at $8,109,652.35. The trade was a 15.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew J. Fromkin sold 221,951 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $33.51, for a total value of $7,437,578.01. Following the sale, the director owned 74,382 shares in the company, valued at approximately $2,492,540.82. This trade represents a 74.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 324,810 shares of company stock worth $11,350,166. 1.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IMVT. The Goldman Sachs Group increased their target price on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Sanford C. Bernstein raised Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Citigroup upped their price target on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Truist Financial raised their price objective on Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Immunovant Trading Up 1.2%

NASDAQ:IMVT opened at $39.74 on Friday. The firm has a 50-day moving average price of $37.09 and a two-hundred day moving average price of $30.52. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $41.23. The company has a market capitalization of $8.20 billion, a P/E ratio of -14.29 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter. During the same quarter in the previous year, the company earned ($0.71) earnings per share. On average, equities research analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

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.