Short Interest in Immunovant, Inc. (NASDAQ:IMVT) Expands By 7.7%

Immunovant, Inc. (NASDAQ:IMVT) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 9,350,000 shares, an increase of 7.7% from the February 29th total of 8,680,000 shares. Based on an average trading volume of 1,320,000 shares, the short-interest ratio is currently 7.1 days. Currently, 15.3% of the company’s shares are sold short.

Insider Transactions at Immunovant

In other Immunovant news, insider Julia G. Butchko sold 1,297 shares of the stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $38.59, for a total transaction of $50,051.23. Following the transaction, the insider now directly owns 409,963 shares in the company, valued at approximately $15,820,472.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Julia G. Butchko sold 1,297 shares of the company’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $38.59, for a total transaction of $50,051.23. Following the transaction, the insider now directly owns 409,963 shares of the company’s stock, valued at $15,820,472.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark S. Levine sold 2,134 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $36.15, for a total transaction of $77,144.10. Following the completion of the sale, the insider now owns 301,968 shares in the company, valued at approximately $10,916,143.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,151 shares of company stock valued at $659,896. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IMVT. Headlands Technologies LLC bought a new stake in Immunovant during the 4th quarter worth approximately $27,000. Comerica Bank bought a new stake in Immunovant in the 3rd quarter worth approximately $26,000. KBC Group NV purchased a new position in shares of Immunovant in the 4th quarter worth $56,000. Assetmark Inc. bought a new stake in shares of Immunovant in the 4th quarter valued at approximately $61,000. Finally, Barclays PLC raised its stake in shares of Immunovant by 2,558.1% in the second quarter. Barclays PLC now owns 2,286 shares of the company’s stock valued at $43,000 after acquiring an additional 2,200 shares during the period. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IMVT. The Goldman Sachs Group initiated coverage on Immunovant in a research note on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Bank of America increased their price target on Immunovant from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. Truist Financial restated a “buy” rating and issued a $48.00 price objective on shares of Immunovant in a research note on Monday, March 25th. Wolfe Research initiated coverage on shares of Immunovant in a research report on Thursday, February 15th. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft began coverage on Immunovant in a research report on Tuesday, December 12th. They issued a “buy” rating and a $50.00 price target for the company. Seventeen analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $48.00.

Immunovant Stock Performance

IMVT opened at $31.61 on Tuesday. Immunovant has a 52-week low of $14.05 and a 52-week high of $45.58. The stock has a market capitalization of $4.59 billion, a PE ratio of -17.18 and a beta of 0.65. The stock’s 50 day moving average price is $34.90 and its 200-day moving average price is $35.98.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 12th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. Research analysts forecast that Immunovant will post -1.7 EPS for the current fiscal year.

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.