Stock Traders Buy High Volume of Call Options on Immunovant (NASDAQ:IMVT)

Immunovant, Inc. (NASDAQ:IMVT) was the target of unusually large options trading activity on Monday. Traders acquired 2,610 call options on the stock. This is an increase of approximately 196% compared to the typical volume of 883 call options.

Insider Transactions at Immunovant

In other news, Director Douglas J. Hughes sold 15,000 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $23.24, for a total value of $348,600.00. Following the completion of the transaction, the director directly owned 120,773 shares in the company, valued at $2,806,764.52. This trade represents a 11.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Melanie Gloria sold 12,626 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $23.62, for a total transaction of $298,226.12. Following the transaction, the chief operating officer owned 173,511 shares in the company, valued at $4,098,329.82. This represents a 6.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 63,868 shares of company stock worth $1,538,470 over the last ninety days. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently bought and sold shares of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after acquiring an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Immunovant by 48.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after purchasing an additional 329,354 shares in the last quarter. Strs Ohio acquired a new stake in shares of Immunovant during the first quarter worth approximately $27,000. Farther Finance Advisors LLC grew its position in Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock valued at $46,000 after purchasing an additional 2,855 shares in the last quarter. Finally, Platinum Investment Management Ltd. grew its position in Immunovant by 24.7% during the second quarter. Platinum Investment Management Ltd. now owns 195,727 shares of the company’s stock valued at $3,132,000 after purchasing an additional 38,738 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $26.60 on Tuesday. The firm has a 50 day simple moving average of $25.17 and a 200 day simple moving average of $20.29. Immunovant has a 52 week low of $12.72 and a 52 week high of $27.80. The company has a market cap of $4.66 billion, a PE ratio of -9.37 and a beta of 0.57.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same quarter in the prior year, the business earned ($0.74) EPS. On average, equities analysts predict that Immunovant will post -2.69 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 6th. The Goldman Sachs Group raised their target price on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. Guggenheim reiterated a “buy” rating and set a $41.00 price objective on shares of Immunovant in a research report on Thursday, December 18th. Finally, Truist Financial raised their price objective on Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.78.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.