Immunovant, Inc. (NASDAQ:IMVT) Short Interest Up 7.7% in March

Immunovant, Inc. (NASDAQ:IMVTGet Free Report) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 9,350,000 shares, a growth of 7.7% from the February 29th total of 8,680,000 shares. Approximately 15.3% of the company’s shares are sold short. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is currently 7.1 days.

Immunovant Price Performance

NASDAQ:IMVT opened at $30.78 on Wednesday. Immunovant has a 12 month low of $14.05 and a 12 month high of $45.58. The business’s fifty day moving average price is $34.73 and its 200 day moving average price is $36.04.

Immunovant (NASDAQ:IMVTGet Free Report) last released its quarterly earnings data on Monday, February 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.07. As a group, equities research analysts predict that Immunovant will post -1.7 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on IMVT. Oppenheimer started coverage on shares of Immunovant in a research report on Thursday, March 28th. They set an “outperform” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on Immunovant in a research report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 price target for the company. Bank of America boosted their price objective on Immunovant from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, December 21st. HC Wainwright increased their target price on Immunovant from $47.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $48.00 target price on shares of Immunovant in a research report on Monday, March 25th. Seventeen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $48.00.

Check Out Our Latest Analysis on Immunovant

Insider Buying and Selling at Immunovant

In other news, CFO Eva Renee Barnett sold 3,515 shares of the firm’s stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $41.83, for a total transaction of $147,032.45. Following the completion of the sale, the chief financial officer now owns 323,350 shares in the company, valued at approximately $13,525,730.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Eva Renee Barnett sold 3,515 shares of the company’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $41.83, for a total value of $147,032.45. Following the transaction, the chief financial officer now owns 323,350 shares of the company’s stock, valued at approximately $13,525,730.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Peter Salzmann sold 3,824 shares of the stock in a transaction on Friday, January 5th. The stock was sold at an average price of $38.59, for a total value of $147,568.16. Following the transaction, the chief executive officer now owns 944,685 shares of the company’s stock, valued at $36,455,394.15. The disclosure for this sale can be found here. Insiders have sold 17,151 shares of company stock worth $659,896 in the last ninety days. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank lifted its position in shares of Immunovant by 7.2% during the 1st quarter. Swiss National Bank now owns 95,100 shares of the company’s stock worth $524,000 after buying an additional 6,400 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Immunovant by 205.6% during the 1st quarter. JPMorgan Chase & Co. now owns 461,582 shares of the company’s stock worth $2,543,000 after acquiring an additional 310,520 shares in the last quarter. MetLife Investment Management LLC lifted its position in Immunovant by 423.9% in the first quarter. MetLife Investment Management LLC now owns 25,184 shares of the company’s stock valued at $139,000 after acquiring an additional 20,377 shares during the last quarter. BlackRock Inc. boosted its stake in Immunovant by 0.9% in the first quarter. BlackRock Inc. now owns 3,353,866 shares of the company’s stock valued at $18,479,000 after acquiring an additional 28,865 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Immunovant by 148.6% during the first quarter. Dimensional Fund Advisors LP now owns 690,965 shares of the company’s stock worth $3,807,000 after purchasing an additional 412,997 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading

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