Woodline Partners LP Sells 772,251 Shares of Immunovant, Inc. (NASDAQ:IMVT)

by · The Markets Daily

Woodline Partners LP trimmed its stake in shares of Immunovant, Inc. (NASDAQ:IMVT – Free Report) by 54.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 642,726 shares of the company’s stock after selling 772,251 shares during the quarter. Woodline Partners LP owned about 0.38% of Immunovant worth $15,920,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV boosted its position in Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the period. Ameriprise Financial Inc. bought a new position in Immunovant during the fourth quarter worth $221,000. KLP Kapitalforvaltning AS bought a new position in Immunovant during the fourth quarter worth $268,000. Aigen Investment Management LP bought a new position in Immunovant during the fourth quarter worth $270,000. Finally, Two Sigma Advisers LP bought a new position in Immunovant during the fourth quarter worth $270,000. 47.08% of the stock is owned by institutional investors.

Immunovant Stock Down 3.9%

IMVT stock opened at $14.41 on Thursday. The company has a market cap of $2.45 billion, a PE ratio of -5.50 and a beta of 0.75. The business has a 50-day simple moving average of $15.65 and a 200 day simple moving average of $21.26. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $34.47.

Wall Street Analyst Weigh In

A number of research firms have commented on IMVT. UBS Group reaffirmed a “neutral” rating and set a $17.00 price objective (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Bank of America reduced their target price on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. Jefferies Financial Group initiated coverage on shares of Immunovant in a research report on Monday, March 3rd. They issued a “hold” rating and a $20.00 target price for the company. Finally, Guggenheim reissued a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.33.

Get Our Latest Research Report on Immunovant

Insider Activity at Immunovant

In related news, Director Andrew J. Fromkin sold 8,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares of the company’s stock, valued at $1,801,494.80. The trade was a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Jay S. Stout sold 1,925 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total value of $28,470.75. Following the completion of the transaction, the chief technology officer now directly owns 209,243 shares of the company’s stock, valued at approximately $3,094,703.97. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,682 shares of company stock valued at $753,419 over the last quarter. 5.90% of the stock is owned by corporate insiders.

Immunovant Profile

(Free Report)

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.

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