Immunovant, Inc. (NASDAQ:IMVT) Short Interest Up 24.6% in March

by · The Cerbat Gem

Immunovant, Inc. (NASDAQ:IMVT – Get Free Report) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 19,690,000 shares, a growth of 24.6% from the March 15th total of 15,800,000 shares. Approximately 28.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,700,000 shares, the days-to-cover ratio is presently 11.6 days.

Insider Activity at Immunovant

In related news, CEO Peter Salzmann sold 28,094 shares of Immunovant stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total transaction of $364,941.06. Following the sale, the chief executive officer now directly owns 1,186,512 shares of the company’s stock, valued at approximately $15,412,790.88. The trade was a 2.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Eva Renee Barnett sold 2,993 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $14.89, for a total transaction of $44,565.77. Following the completion of the transaction, the chief financial officer now directly owns 396,774 shares of the company’s stock, valued at approximately $5,907,964.86. The trade was a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,260 shares of company stock valued at $804,665 over the last ninety days. 5.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

A number of large investors have recently bought and sold shares of IMVT. FNY Investment Advisers LLC bought a new position in shares of Immunovant during the 1st quarter worth about $34,000. Rhumbline Advisers grew its stake in Immunovant by 3.2% in the first quarter. Rhumbline Advisers now owns 83,555 shares of the company’s stock valued at $1,428,000 after acquiring an additional 2,623 shares during the period. GAMMA Investing LLC increased its holdings in shares of Immunovant by 3,816.8% during the first quarter. GAMMA Investing LLC now owns 5,366 shares of the company’s stock valued at $920,000 after acquiring an additional 5,229 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Immunovant during the fourth quarter worth approximately $76,000. Finally, Two Seas Capital LP lifted its holdings in shares of Immunovant by 123.4% in the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock worth $37,443,000 after purchasing an additional 835,000 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Stock Performance

Shares of IMVT stock traded up $0.31 during mid-day trading on Friday, hitting $15.15. The company’s stock had a trading volume of 1,040,222 shares, compared to its average volume of 1,189,778. Immunovant has a 52 week low of $12.72 and a 52 week high of $34.47. The company’s fifty day simple moving average is $18.05 and its 200-day simple moving average is $23.60. The company has a market cap of $2.57 billion, a PE ratio of -5.78 and a beta of 0.81.

Immunovant (NASDAQ:IMVT – Get Free Report) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, equities analysts anticipate that Immunovant will post -2.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IMVT. Jefferies Financial Group initiated coverage on Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 price target on the stock. Guggenheim reiterated a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. HC Wainwright reissued a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Finally, Bank of America cut their price target on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $41.00.

Get Our Latest Stock Analysis on IMVT

Immunovant Company Profile

(Get Free Report)

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.

Featured Stories