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

Immunovant, Inc. (NASDAQ:IMVT) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 11,210,000 shares, an increase of 10.1% from the July 15th total of 10,180,000 shares. Currently, 18.1% of the company’s shares are short sold. Based on an average trading volume of 1,140,000 shares, the days-to-cover ratio is currently 9.8 days.

Analyst Ratings Changes

IMVT has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price target on shares of Immunovant in a research note on Thursday, May 30th. UBS Group cut their price objective on Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. JPMorgan Chase & Co. cut their price objective on Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Wednesday, August 7th. Finally, Oppenheimer cut their price objective on Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, June 3rd. Fifteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $48.40.

Immunovant Trading Up 4.6 %

IMVT stock traded up $1.39 during trading hours on Monday, hitting $31.44. 247,049 shares of the stock were exchanged, compared to its average volume of 1,158,700. The firm has a market capitalization of $4.60 billion, a P/E ratio of -15.82 and a beta of 0.67. The company has a 50-day simple moving average of $27.98 and a two-hundred day simple moving average of $30.26. Immunovant has a 12 month low of $19.50 and a 12 month high of $45.58.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same period in the prior year, the company posted ($0.57) earnings per share. On average, equities research analysts predict that Immunovant will post -2.11 earnings per share for the current year.

Insider Activity

In other news, CFO Eva Renee Barnett sold 4,042 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total value of $119,845.30. Following the completion of the sale, the chief financial officer now directly owns 355,414 shares of the company’s stock, valued at approximately $10,538,025.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Eva Renee Barnett sold 4,042 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 transaction of $119,845.30. Following the completion of the sale, the chief financial officer now directly owns 355,414 shares of the company’s stock, valued at approximately $10,538,025.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 3,456 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $95,938.56. Following the sale, the insider now directly owns 138,160 shares of the company’s stock, valued at $3,835,321.60. The disclosure for this sale can be found here. Insiders sold a total of 54,927 shares of company stock valued at $1,599,990 in the last ninety days. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC bought a new position in shares of Immunovant in the fourth quarter worth $27,000. Assetmark Inc. bought a new position in Immunovant in the fourth quarter valued at about $61,000. Quest Partners LLC grew its position in Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after acquiring an additional 1,786 shares during the last quarter. EntryPoint Capital LLC grew its position in Immunovant by 288.8% in the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after acquiring an additional 2,163 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Immunovant in the fourth quarter valued at about $212,000. Institutional investors 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.