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

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totalling 19,690,000 shares, an increase of 24.6% from the March 15th total of 15,800,000 shares. Currently, 28.9% of the company's shares are sold short. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is currently 11.6 days.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 8,321 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 $123,899.69. Following the completion of the sale, the chief executive officer now owns 1,178,191 shares of the company's stock, valued at approximately $17,543,263.99. This represents a 0.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the chief financial officer now directly owns 396,774 shares of the company's stock, valued at $5,907,964.86. This trade represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,408 shares of company stock valued at $690,207. 5.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IMVT. FNY Investment Advisers LLC bought a new position in shares of Immunovant in the first quarter valued at approximately $34,000. GF Fund Management CO. LTD. bought a new position in shares of Immunovant in the fourth quarter valued at approximately $76,000. KBC Group NV boosted its holdings in shares of Immunovant by 60.1% in the fourth quarter. KBC Group NV now owns 3,099 shares of the company's stock valued at $77,000 after acquiring an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of Immunovant in the fourth quarter valued at approximately $221,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Immunovant in the fourth quarter valued at approximately $268,000. 47.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Immunovant Stock Up 2.4 %

IMVT stock traded up $0.35 during mid-day trading on Thursday, reaching $14.80. The company had a trading volume of 54,807 shares, compared to its average volume of 1,195,625. Immunovant has a one year low of $12.72 and a one year high of $34.47. The stock's 50-day simple moving average is $17.73 and its two-hundred day simple moving average is $23.32. The stock has a market capitalization of $2.51 billion, a P/E ratio of -5.63 and a beta of 0.81.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). On average, research analysts forecast that Immunovant will post -2.69 EPS 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.