IMVT Immunovant Inc

$IMVT Two Seas Capital added 1.46 million shares in Q3, up 46.5 percent, taking its Immunovant stake to 4.6 million shares worth about 155.8 million dollars. The fund's sixth largest holding, per its SEC filing. The timing is the signal. Q3 included the September 24 cutaneous lupus trial failure that sent the stock down 7 percent to 34.70, its worst day in over a year. Two Seas bought through the washout, not before it. The scrapped program was one indication. Imeroprubart's registrational trials in Graves' disease, rheumatoid arthritis, myasthenia gravis and Sjogren's all remain on track, per the company. Institutions were already accumulating. BlackRock opened a 276.7 million dollar position in Q2, Bank of America added 1.18 million shares, and institutions own 47 percent of the stock. Two Seas is betting the CLE miss was a single-indication problem, not a platform one. Shares near 32, up about 26 percent this year. Tracking the Graves' Phase 3 readouts next.