Investors Purchase High Volume of Call Options on Immunovant (NASDAQ:IMVT)

Immunovant, Inc. (NASDAQ:IMVT) saw unusually large options trading activity on Monday. Investors bought 2,610 call options on the stock. This is an increase of 196% compared to the average volume of 883 call options.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IMVT. The Goldman Sachs Group boosted their target price on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 6th. Guggenheim reissued a “buy” rating and issued a $41.00 price objective on shares of Immunovant in a research note on Thursday, December 18th. Truist Financial upped their target price on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 8th. Finally, JPMorgan Chase & Co. lowered their target price on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.78.

Immunovant Price Performance

Shares of NASDAQ:IMVT traded up $0.65 during trading on Monday, reaching $26.66. 297,682 shares of the stock were exchanged, compared to its average volume of 1,558,020. The stock has a fifty day moving average of $25.12 and a two-hundred day moving average of $20.22. Immunovant has a 1-year low of $12.72 and a 1-year high of $27.80. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of -9.31 and a beta of 0.57.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter in the prior year, the company posted ($0.74) earnings per share. Sell-side analysts forecast that Immunovant will post -2.69 EPS for the current year.

Insider Buying and Selling

In related news, COO Melanie Gloria sold 12,626 shares of the firm’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total value of $298,226.12. Following the transaction, the chief operating officer owned 173,511 shares in the company, valued at approximately $4,098,329.82. This trade represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tuyl Christopher Van sold 10,813 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $26.91, for a total transaction of $290,977.83. Following the sale, the insider owned 149,930 shares in the company, valued at $4,034,616.30. The trade was a 6.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 63,868 shares of company stock valued at $1,538,470 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Institutional investors have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in shares of Immunovant in the 1st quarter worth $27,000. Aster Capital Management DIFC Ltd bought a new position in Immunovant in the third quarter valued at $33,000. PNC Financial Services Group Inc. raised its position in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after purchasing an additional 1,646 shares in the last quarter. Farther Finance Advisors LLC raised its position in Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock valued at $46,000 after purchasing an additional 2,855 shares in the last quarter. Finally, FNY Investment Advisers LLC lifted its stake in Immunovant by 100.0% during the fourth quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock worth $101,000 after purchasing an additional 2,000 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.