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

Immunovant, Inc. (NASDAQ:IMVT) saw a significant increase in short interest in the month of 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 shares are sold short. Based on an average daily trading volume, of 1,140,000 shares, the short-interest ratio is currently 8.9 days.

Immunovant Stock Down 1.2 %

IMVT stock opened at $26.20 on Thursday. The firm has a market capitalization of $3.83 billion, a PE ratio of -13.79 and a beta of 0.67. The stock’s 50 day moving average is $27.74 and its 200-day moving average is $33.01. Immunovant has a twelve month low of $18.16 and a twelve month high of $45.58.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same quarter in the prior year, the firm earned ($0.46) earnings per share. On average, equities research analysts anticipate that Immunovant will post -2.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, CFO Eva Renee Barnett sold 3,689 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total value of $115,023.02. Following the completion of the sale, the chief financial officer now owns 371,709 shares of the company’s stock, valued at $11,589,886.62. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Julia G. Butchko sold 1,053 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $32,832.54. Following the completion of the sale, the insider now owns 461,742 shares of the company’s stock, valued at $14,397,115.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Eva Renee Barnett sold 3,689 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total value of $115,023.02. Following the sale, the chief financial officer now directly owns 371,709 shares of the company’s stock, valued at approximately $11,589,886.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,948 shares of company stock valued at $2,936,889. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently modified their holdings of IMVT. Vanguard Group Inc. increased its position in Immunovant by 11.2% in the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after buying an additional 650,506 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Immunovant in the fourth quarter worth $112,356,000. Alpine Global Management LLC increased its position in Immunovant by 34.6% in the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after buying an additional 484,332 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Immunovant by 16.2% in 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 buying an additional 259,481 shares during the last quarter. Finally, Armistice Capital LLC increased its position in Immunovant by 38.6% in the fourth quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock worth $60,499,000 after buying an additional 400,123 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.