Immunovant, Inc. (NASDAQ:IMVT) Short Interest Update

Immunovant, Inc. (NASDAQ:IMVT) saw a large 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. Currently, 16.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,140,000 shares, the days-to-cover ratio is presently 8.9 days.

Analyst Ratings Changes

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

Immunovant Stock Performance

NASDAQ:IMVT traded down $0.49 on Wednesday, hitting $26.03. 202,544 shares of the stock were exchanged, compared to its average volume of 1,202,049. Immunovant has a 52 week low of $18.16 and a 52 week high of $45.58. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of -13.96 and a beta of 0.67. The company’s 50-day moving average price is $27.79 and its 200 day moving average price is $33.05.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same quarter last year, the business posted ($0.46) EPS. As a group, equities research analysts predict that Immunovant will post -2.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Julia G. Butchko sold 3,247 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total transaction of $96,273.55. Following the transaction, the insider now directly owns 448,380 shares in the company, valued at approximately $13,294,467. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Julia G. Butchko sold 3,247 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total value of $96,273.55. Following the transaction, the insider now owns 448,380 shares in the company, valued at $13,294,467. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Eva Renee Barnett sold 4,042 shares of Immunovant stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total transaction of $119,845.30. Following the completion of the sale, the chief financial officer now owns 355,414 shares of the company’s stock, valued at $10,538,025.10. The disclosure for this sale can be found here. Insiders sold a total of 99,948 shares of company stock worth $2,936,889 in the last quarter. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently added to or reduced their stakes in the stock. Castleark Management LLC acquired a new position in shares of Immunovant in the 1st quarter valued at $2,599,000. Bamco Inc. NY lifted its position in shares of Immunovant by 1.7% in the first quarter. Bamco Inc. NY now owns 60,000 shares of the company’s stock worth $1,939,000 after purchasing an additional 1,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Immunovant by 16.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock worth $60,163,000 after purchasing an additional 259,481 shares during the last quarter. Tyro Capital Management LLC grew its position in Immunovant by 117.0% in the first quarter. Tyro Capital Management LLC now owns 97,667 shares of the company’s stock valued at $3,156,000 after purchasing an additional 52,667 shares in the last quarter. Finally, Alpine Global Management LLC increased its stake in Immunovant by 34.6% in the 1st quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock valued at $60,830,000 after buying an additional 484,332 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.