Immunovant (NASDAQ:IMVT) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 438,300 shares, a drop of 57.4% from the June 15th total of 1,030,000 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily volume of 363,800 shares, the days-to-cover ratio is currently 1.2 days.
Several research analysts have weighed in on IMVT shares. Zacks Investment Research upgraded Immunovant from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Tuesday, May 26th. SunTrust Banks upgraded Immunovant to a “buy” rating in a research note on Thursday, June 18th. Nomura Instinet lifted their target price on Immunovant from $27.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, May 29th. ValuEngine upgraded Immunovant from a “hold” rating to a “buy” rating in a research note on Thursday, April 2nd. Finally, Nomura upped their price objective on Immunovant from $27.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Nine research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $29.38.
A number of large investors have recently bought and sold shares of IMVT. BVF Inc. IL purchased a new position in Immunovant during the 4th quarter valued at about $15,850,000. Driehaus Capital Management LLC purchased a new position in Immunovant during the 4th quarter valued at about $9,851,000. Ikarian Capital LLC increased its holdings in Immunovant by 67.1% during the 1st quarter. Ikarian Capital LLC now owns 842,463 shares of the company’s stock valued at $13,113,000 after acquiring an additional 338,346 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Immunovant by 50.5% during the 1st quarter. BlackRock Inc. now owns 902,967 shares of the company’s stock worth $14,055,000 after purchasing an additional 303,100 shares during the last quarter. Finally, Rock Springs Capital Management LP acquired a new stake in shares of Immunovant during the 1st quarter worth about $3,891,000. Hedge funds and other institutional investors own 19.49% of the company’s stock.
Shares of IMVT traded up $0.22 during trading hours on Friday, reaching $23.67. The company had a trading volume of 344,938 shares, compared to its average volume of 738,108. The firm has a 50 day moving average of $24.22. The stock has a market capitalization of $1.94 billion and a P/E ratio of -15.37. Immunovant has a 12-month low of $8.34 and a 12-month high of $29.96.
Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, June 29th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.41) by $0.03. As a group, analysts anticipate that Immunovant will post -1.42 EPS for the current year.
Immunovant Company Profile
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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