Short Interest in Immunovant, Inc. (NASDAQ:IMVT) Rises By 10.0%

Immunovant, Inc. (NASDAQ:IMVT) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 10,130,000 shares, an increase of 10.0% from the May 31st total of 9,210,000 shares. Based on an average daily trading volume, of 1,140,000 shares, the short-interest ratio is currently 8.9 days. Approximately 16.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on IMVT shares. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Thursday, May 30th. The Goldman Sachs Group began coverage on shares of Immunovant in a report on Wednesday, March 13th. They set a “buy” rating and a $50.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a report on Tuesday, June 18th. Oppenheimer reduced their target price on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, June 3rd. Finally, Truist Financial reaffirmed a “buy” rating and set a $48.00 target price on shares of Immunovant in a report on Monday, March 25th. Seventeen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $48.75.

Immunovant Trading Down 1.8 %

Shares of NASDAQ:IMVT traded down $0.49 during midday trading on Wednesday, reaching $26.03. 202,544 shares of the company were exchanged, compared to its average volume of 1,202,049. The business’s fifty day moving average is $27.79 and its two-hundred day moving average is $33.05. Immunovant has a one year low of $18.16 and a one year high of $45.58. The stock has a market cap of $3.81 billion, a PE ratio of -13.96 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same period in the previous year, the company posted ($0.46) EPS. As a group, sell-side analysts expect that Immunovant will post -2.11 EPS for the current year.

Insider Transactions at Immunovant

In other news, insider Michael Geffner sold 3,261 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total value of $94,242.90. Following the transaction, the insider now owns 141,616 shares in the company, valued at $4,092,702.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Michael Geffner sold 3,261 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total transaction of $94,242.90. Following the completion of the transaction, the insider now directly owns 141,616 shares of the company’s stock, valued at $4,092,702.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Eva Renee Barnett sold 3,689 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $115,023.02. Following the transaction, the chief financial officer now directly owns 371,709 shares of the company’s stock, valued at $11,589,886.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,948 shares of company stock worth $2,936,889. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Hedge funds and other institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC bought a new position in shares of Immunovant during the fourth quarter worth $27,000. Assetmark Inc. bought a new position in Immunovant during the fourth quarter valued at $61,000. EntryPoint Capital LLC lifted its position in Immunovant by 288.8% during the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after purchasing an additional 2,163 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Immunovant during the fourth quarter valued at $212,000. Finally, CoreCap Advisors LLC lifted its position in Immunovant by 11.2% during the fourth quarter. CoreCap Advisors LLC now owns 6,407 shares of the company’s stock valued at $270,000 after purchasing an additional 647 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

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.