Baker BROS. Advisors LP Acquires 760,692 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Baker BROS. Advisors LP grew its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 163.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,225,410 shares of the company’s stock after acquiring an additional 760,692 shares during the period. Immunovant accounts for approximately 0.4% of Baker BROS. Advisors LP’s investment portfolio, making the stock its 29th biggest holding. Baker BROS. Advisors LP’s holdings in Immunovant were worth $34,936,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in IMVT. FMR LLC lifted its stake in Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after acquiring an additional 2,053,688 shares during the period. Armistice Capital LLC raised its holdings in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after purchasing an additional 1,232,909 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Immunovant by 198.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock valued at $8,224,000 after purchasing an additional 207,003 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Immunovant during the second quarter valued at about $5,275,000. 47.08% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider William L. Macias sold 3,188 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total transaction of $91,782.52. Following the transaction, the insider now directly owns 365,144 shares of the company’s stock, valued at $10,512,495.76. This represents a 0.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark S. Levine sold 3,650 shares of Immunovant stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the completion of the sale, the insider now directly owns 319,228 shares of the company’s stock, valued at $8,124,352.60. The trade was a 1.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,659 shares of company stock valued at $2,096,890. 5.90% of the stock is owned by insiders.

Immunovant Trading Down 1.8 %

Immunovant stock opened at $28.20 on Monday. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of -12.70 and a beta of 0.66. Immunovant, Inc. has a 12 month low of $24.61 and a 12 month high of $45.58. The business’s fifty day simple moving average is $28.95 and its two-hundred day simple moving average is $28.82.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the previous year, the firm posted ($0.45) earnings per share. On average, equities research analysts predict that Immunovant, Inc. will post -2.7 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on IMVT. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. JPMorgan Chase & Co. reduced their price target on Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Raymond James reissued an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Finally, Oppenheimer upped their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant currently has an average rating of “Buy” and an average price target of $48.10.

Immunovant 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.