Immunovant (NASDAQ:IMVT) Short Interest Update
Immunovant (NASDAQ:IMVT) was the recipient of a large decline in short interest in July. As of July 15th, there was short interest totalling 1,180,000 shares, a decline of 11.9% from the June 30th total of 1,340,000 shares. Currently, 3.4% of the company’s stock are sold short. Based on an average daily volume of 424,600 shares, the short-interest ratio is currently 2.8 days.
IMVT has been the subject of a number of recent research reports. Zacks Investment Research lowered Immunovant from a “buy” rating to a “hold” rating in a report on Tuesday, July 14th. HC Wainwright assumed coverage on Immunovant in a report on Wednesday. They issued a “buy” rating and a $34.00 target price for the company. Nomura Instinet upped their target price on Immunovant from $27.00 to $37.00 and gave the company a “buy” rating in a report on Friday, May 29th. SunTrust Banks raised Immunovant to a “buy” rating in a report on Thursday, June 18th. Finally, Nomura upped their price objective on Immunovant from $27.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Immunovant has an average rating of “Buy” and a consensus price target of $29.89.
Institutional investors and hedge funds have recently modified their holdings of the business. UBS Group AG lifted its holdings in Immunovant by 119.1% in the first quarter. UBS Group AG now owns 2,357 shares of the company’s stock worth $37,000 after buying an additional 1,281 shares during the period. JPMorgan Chase & Co. purchased a new position in shares of Immunovant during the first quarter valued at approximately $45,000. Signaturefd LLC purchased a new position in shares of Immunovant during the first quarter valued at approximately $54,000. Strs Ohio purchased a new position in shares of Immunovant during the second quarter valued at approximately $119,000. Finally, Jane Street Group LLC purchased a new position in shares of Immunovant during the first quarter valued at approximately $186,000. Institutional investors and hedge funds own 19.49% of the company’s stock.
Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, June 29th. The company reported ($0.38) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.03. Research analysts forecast that Immunovant will post -1.4 earnings per share for the current fiscal year.
Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibody for the treatment of autoimmune diseases. It develops IMVT-1401, a novel fully human monoclonal antibody targeting the neonatal Fc receptor, which is in phase II clinical trial for the treatment of myasthenia gravis and graves' ophthalmopathy.
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