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

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) was the target of a significant growth in short interest during the month of 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. Based on an average trading volume of 1,700,000 shares, the short-interest ratio is presently 11.6 days. Currently, 28.9% of the company's shares are short sold.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the transaction, the director now owns 91,913 shares of the company's stock, valued at $1,801,494.80. This represents a 8.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael Geffner sold 2,349 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value of $34,741.71. Following the completion of the sale, the insider now owns 225,370 shares in the company, valued at approximately $3,333,222.30. The trade was a 1.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,682 shares of company stock worth $753,419 over the last quarter. Insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. boosted its holdings in Immunovant by 53.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company's stock worth $126,754,000 after acquiring an additional 1,786,217 shares in the last quarter. Deep Track Capital LP raised its position in shares of Immunovant by 38.0% in the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Immunovant by 405.3% in the 4th quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock worth $28,568,000 after purchasing an additional 925,081 shares in the last quarter. Two Seas Capital LP grew its position in Immunovant by 123.4% during 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 during the last quarter. Finally, Boxer Capital Management LLC acquired a new position in Immunovant during the 4th quarter valued at approximately $20,435,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Wolfe Research lowered shares of Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. UBS Group reaffirmed a "neutral" rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a research report on Tuesday. Jefferies Financial Group initiated coverage on Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 price target on the stock. Finally, Bank of America decreased their price objective on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Immunovant presently has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Immunovant Trading Down 2.3 %

Shares of NASDAQ:IMVT traded down $0.35 during trading on Friday, reaching $14.72. The stock had a trading volume of 1,152,850 shares, compared to its average volume of 1,200,273. The firm's 50-day simple moving average is $17.50 and its 200 day simple moving average is $23.12. Immunovant has a one year low of $12.72 and a one year high of $34.47. The company has a market capitalization of $2.50 billion, a P/E ratio of -5.62 and a beta of 0.81.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Equities research analysts forecast that Immunovant will post -2.69 earnings per share 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.