Immunovant, Inc. (NASDAQ:IMVT) Sees Large Increase in Short Interest

Immunovant, Inc. (NASDAQ:IMVT) was the target of a significant increase in short interest in August. As of August 15th, there was short interest totalling 12,230,000 shares, an increase of 9.1% from the July 31st total of 11,210,000 shares. Approximately 19.8% of the company’s shares are short sold. Based on an average trading volume of 1,150,000 shares, the short-interest ratio is presently 10.6 days.

Insider Transactions at Immunovant

In related news, insider Mark S. Levine sold 2,505 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $74,373.45. Following the transaction, the insider now directly owns 337,409 shares of the company’s stock, valued at $10,017,673.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Immunovant news, insider Julia G. Butchko sold 1,527 shares of Immunovant stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total value of $42,847.62. Following the completion of the sale, the insider now directly owns 446,853 shares in the company, valued at $12,538,695.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark S. Levine sold 2,505 shares of Immunovant stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $74,373.45. Following the completion of the sale, the insider now owns 337,409 shares of the company’s stock, valued at $10,017,673.21. The disclosure for this sale can be found here. Insiders have sold a total of 31,475 shares of company stock valued at $904,638 over the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new stake in shares of Immunovant during the 4th quarter worth about $112,356,000. Octagon Capital Advisors LP increased its position in shares of Immunovant by 127.3% during the 4th quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock worth $11,514,000 after purchasing an additional 1,273,289 shares in the last quarter. Armistice Capital LLC increased its position in shares of Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after purchasing an additional 1,232,909 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Immunovant by 11.2% during the 1st quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after purchasing an additional 650,506 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Immunovant during the 4th quarter worth about $22,712,000. Institutional investors own 47.08% of the company’s stock.

Immunovant Trading Down 0.3 %

Immunovant stock traded down $0.08 on Friday, hitting $30.90. The company’s stock had a trading volume of 658,388 shares, compared to its average volume of 789,663. The company has a fifty day moving average price of $29.05 and a 200-day moving average price of $29.99. Immunovant has a one year low of $19.50 and a one year high of $45.58.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same quarter in the previous year, the company earned ($0.57) EPS. On average, analysts expect that Immunovant will post -2.43 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.