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

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

Wall Street Analysts Forecast Growth

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

Immunovant Stock Up 4.2 %

NASDAQ:IMVT opened at $27.51 on Tuesday. The company has a market cap of $4.02 billion, a P/E ratio of -14.61 and a beta of 0.67. Immunovant has a fifty-two week low of $18.16 and a fifty-two week high of $45.58. The firm’s 50 day moving average is $27.86 and its two-hundred day moving average is $33.27.

Immunovant (NASDAQ:IMVT) last posted its quarterly 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 prior year, the firm earned ($0.46) EPS. Research analysts forecast that Immunovant will post -2.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Eva Renee Barnett sold 3,689 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were 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 directly owns 371,709 shares of the company’s stock, valued at $11,589,886.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Eva Renee Barnett sold 3,689 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $115,023.02. Following the completion of the transaction, the chief financial officer now directly owns 371,709 shares of the company’s stock, valued at $11,589,886.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Julia G. Butchko sold 3,247 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was 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 of the company’s stock, valued at $13,294,467. The disclosure for this sale can be found here. Over the last three months, insiders sold 99,948 shares of company stock valued at $2,936,889. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently made changes to their positions in IMVT. Rhumbline Advisers raised its stake in shares of Immunovant by 3.3% in the 3rd quarter. Rhumbline Advisers now owns 74,565 shares of the company’s stock valued at $2,863,000 after acquiring an additional 2,367 shares during the period. Invesco Ltd. raised its stake in shares of Immunovant by 957.8% in the 3rd quarter. Invesco Ltd. now owns 239,055 shares of the company’s stock valued at $9,177,000 after acquiring an additional 216,455 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Immunovant by 442.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,628 shares of the company’s stock valued at $370,000 after acquiring an additional 7,852 shares during the period. Alps Advisors Inc. raised its stake in shares of Immunovant by 0.6% in the 3rd quarter. Alps Advisors Inc. now owns 96,434 shares of the company’s stock valued at $3,702,000 after acquiring an additional 578 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Immunovant in the 3rd quarter valued at $16,680,000. Hedge funds and other 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.