Short Interest in Immunovant, Inc. (NASDAQ:IMVT) Rises By 24.6%

Immunovant, Inc. (NASDAQ:IMVT) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 19,690,000 shares, a growth of 24.6% from the March 15th total of 15,800,000 shares. Approximately 28.9% of the company’s stock are short sold. Based on an average daily trading volume, of 1,700,000 shares, the short-interest ratio is currently 11.6 days.

Insider Buying and Selling

In other Immunovant news, CTO Jay S. Stout sold 2,195 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the transaction, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at $3,302,387.69. This represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 2,657 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total value of $62,678.63. Following the sale, the insider now owns 132,314 shares of the company’s stock, valued at approximately $3,121,287.26. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,260 shares of company stock worth $804,665. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently bought and sold shares of IMVT. Principal Financial Group Inc. lifted its position in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares in the last quarter. ABC Arbitrage SA bought a new position in Immunovant in the 4th quarter worth approximately $734,000. Geode Capital Management LLC lifted its holdings in Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after buying an additional 96,924 shares in the last quarter. Vanguard Group Inc. boosted its position in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after buying an additional 20,614 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Immunovant by 1.5% in the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock valued at $2,005,000 after buying an additional 1,188 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IMVT. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Wednesday, March 19th. 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 report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target for the company. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Bank of America lowered their price target on Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $41.00.

Immunovant Price Performance

Shares of Immunovant stock traded down $0.69 during midday trading on Monday, hitting $14.46. 3,072,657 shares of the company were exchanged, compared to its average volume of 1,197,309. The firm has a 50 day simple moving average of $18.05 and a 200-day simple moving average of $23.56. Immunovant has a 52 week low of $12.72 and a 52 week high of $34.47. The firm has a market cap of $2.46 billion, a P/E ratio of -5.52 and a beta of 0.81.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Equities research analysts expect that Immunovant will post -2.69 earnings per share for the current year.

About Immunovant

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.