Emerald Mutual Fund Advisers Trust Reduces Holdings in Immunovant, Inc.

Emerald Mutual Fund Advisers Trust has reduced its stake in Immunovant, Inc. (NASDAQ: IMVT) by 8.7% during the third quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The trust now holds 183,621 shares of Immunovant after selling 17,485 shares during this period.

As of the latest reporting, Emerald Mutual Fund Advisers Trust's holdings in Immunovant are valued at approximately $5.24 million.

Other institutional investors and hedge funds have also changed their positions in Immunovant. For instance, Armistice Capital LLC increased its stake by 57.0% in the second quarter, now owning 3,396,909 shares, which are valued at about $89.68 million. Vanguard Group Inc. raised its holdings by 11.2% in the first quarter, now owning 6,478,304 shares worth approximately $209.31 million.

Similar increases were seen with Alpine Global Management LLC and Price T Rowe Associates Inc., while Assenagon Asset Management S.A. boosted its position by 198.0% in the second quarter, owning 311,525 shares valued at around $8.22 million. Currently, hedge funds and other institutional investors own about 47.08% of Immunovant's stock.

Recent Trading Performance of Immunovant

On Monday, NASDAQ IMVT opened at $29.39. Over the past year, Immunovant has seen a low of $24.67 and a high of $45.58. The company's market capitalization stands at $4.30 billion with a P/E ratio of -15.23 and a beta of 0.66.

Immunovant released its latest earnings report on August 6th, reporting a loss of $0.60 per share, which was worse than analysts' expectations of a $0.53 loss. In the previous year, the company reported a loss of $0.57 for the same period. Analysts expect Immunovant to post a loss of $2.41 per share for the current fiscal year.

Analysts' Perspectives on Immunovant

Several equity research analysts have provided their target prices for Immunovant shares. Oppenheimer raised their target from $47.00 to $53.00 while maintaining an "outperform" rating. Raymond James also reaffirmed an "outperform" rating with a target of $36.00. Other firms like Cantor Fitzgerald and JPMorgan Chase & Co. have set their respective ratings and targets for the company. According to MarketBeat, eleven analysts rate the stock as "buy" with an average target price of $48.10.

Insider Transactions

In related news, insider William L. Macias sold 3,188 shares on October 16th at an average price of $28.79, totaling approximately $91,782. Following this sale, he retains ownership of 365,144 shares valued at around $10.51 million. Another executive, CTO Jay S. Stout, sold 2,740 shares on October 23rd at $29.53 per share, amounting to roughly $80,912.

These transactions highlight ongoing insider activity, with a total of 32,277 shares sold in the last 90 days. Insiders currently own about 5.90% of Immunovant's stock.

Company Overview

Immunovant, Inc. is a clinical-stage biopharmaceutical company focused on developing monoclonal antibodies aimed at treating autoimmune diseases. Its lead product, batoclimab, is a fully human monoclonal antibody targeting the neonatal fragment crystallizable receptor, which is intended to treat conditions such as myasthenia gravis and thyroid eye disease.

Immunovant, Holdings, Investors