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

Immunovant, Inc. (NASDAQ:IMVT) saw a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 8,510,000 shares, a decline of 5.7% from the March 31st total of 9,020,000 shares. Based on an average daily volume of 1,150,000 shares, the short-interest ratio is presently 7.4 days. Currently, 14.1% of the company’s shares are sold short.

Immunovant Stock Performance

IMVT traded up $0.79 during trading on Tuesday, hitting $28.28. The stock had a trading volume of 534,617 shares, compared to its average volume of 1,219,445. The company’s 50-day moving average price is $31.90 and its 200 day moving average price is $35.72. Immunovant has a twelve month low of $16.58 and a twelve month high of $45.58.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Monday, February 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.07. On average, sell-side analysts predict that Immunovant will post -1.7 earnings per share for the current year.

Wall Street Analyst Weigh In

IMVT has been the subject of a number of research reports. Oppenheimer initiated coverage on shares of Immunovant in a report on Thursday, March 28th. They issued an “outperform” rating and a $50.00 price objective for the company. Truist Financial reiterated a “buy” rating and issued a $48.00 price target on shares of Immunovant in a research note on Monday, March 25th. Wolfe Research initiated coverage on shares of Immunovant in a research note on Thursday, February 15th. They issued an “outperform” rating and a $55.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research note on Friday, January 12th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Immunovant in a research note on Tuesday, February 20th. They issued an “overweight” rating and a $51.00 price target for the company. Seventeen analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant currently has an average rating of “Buy” and a consensus target price of $48.00.

Insiders Place Their Bets

In other Immunovant news, insider Michael Geffner sold 3,261 shares of Immunovant stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total transaction of $94,242.90. Following the completion of the sale, the insider now directly owns 141,616 shares in the company, valued at $4,092,702.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Immunovant news, insider Michael Geffner sold 3,261 shares of Immunovant stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total transaction of $94,242.90. Following the completion of the sale, the insider now directly owns 141,616 shares in the company, valued at $4,092,702.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark S. Levine sold 2,134 shares of Immunovant stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $36.15, for a total transaction of $77,144.10. Following the completion of the transaction, the insider now owns 301,968 shares of the company’s stock, valued at approximately $10,916,143.20. The disclosure for this sale can be found here. Insiders have sold 81,560 shares of company stock valued at $2,424,601 over the last ninety days. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently bought and sold shares of the company. FMR LLC grew its stake in shares of Immunovant by 47.5% during the 3rd quarter. FMR LLC now owns 7,748,546 shares of the company’s stock worth $297,467,000 after purchasing an additional 2,494,678 shares during the period. Vanguard Group Inc. grew its stake in shares of Immunovant by 14.0% during the 3rd quarter. Vanguard Group Inc. now owns 6,233,146 shares of the company’s stock worth $239,290,000 after purchasing an additional 764,530 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Immunovant during the 4th quarter worth $112,356,000. Armistice Capital LLC grew its stake in shares of Immunovant by 38.6% during the 4th quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock worth $60,499,000 after purchasing an additional 400,123 shares during the period. Finally, Fred Alger Management LLC grew its stake in shares of Immunovant by 6,108.9% during the 3rd quarter. Fred Alger Management LLC now owns 1,186,031 shares of the company’s stock worth $45,532,000 after purchasing an additional 1,166,929 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Company Profile

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.