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

Baker BROS. Advisors LP boosted its stake in Immunovant, Inc. (NASDAQ:IMVT) by 163.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,225,410 shares of the company’s stock after purchasing an additional 760,692 shares during the quarter. Immunovant makes up 0.4% of Baker BROS. Advisors LP’s investment portfolio, making the stock its 29th largest position. Baker BROS. Advisors LP owned about 0.83% of Immunovant worth $34,936,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Erste Asset Management GmbH purchased a new stake in shares of Immunovant in the third quarter worth about $1,471,000. Advantage Alpha Capital Partners LP bought a new stake in Immunovant during the 3rd quarter worth approximately $427,000. FMR LLC lifted its stake in Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after purchasing an additional 2,053,688 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Immunovant during the 3rd quarter valued at $622,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 4,460 shares of Immunovant stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the transaction, the chief executive officer now directly owns 1,003,884 shares of the company’s stock, valued at $29,674,811.04. The trade was a 0.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William L. Macias sold 3,188 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $91,782.52. Following the sale, the insider now directly owns 365,144 shares of the company’s stock, valued at approximately $10,512,495.76. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock worth $2,096,890 over the last three months. Company insiders own 5.90% of the company’s stock.

Immunovant Price Performance

Shares of IMVT opened at $28.20 on Monday. Immunovant, Inc. has a 1 year low of $24.61 and a 1 year high of $45.58. The stock has a 50 day simple moving average of $28.95 and a two-hundred day simple moving average of $28.82. The firm has a market cap of $4.14 billion, a P/E ratio of -12.70 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the prior year, the firm earned ($0.45) EPS. On average, equities analysts anticipate that Immunovant, Inc. will post -2.7 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on IMVT shares. UBS Group lowered their price objective on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Oppenheimer raised their price target on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. cut their price objective on Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $48.10.

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.