Investors Buy Large Volume of Call Options on Immunovant (NASDAQ:IMVT)

Immunovant, Inc. (NASDAQ:IMVT) was the recipient of unusually large options trading on Monday. Investors bought 2,610 call options on the company. This represents an increase of 196% compared to the typical volume of 883 call options.

Wall Street Analyst Weigh In

Several brokerages have commented on IMVT. The Goldman Sachs Group upped their target price on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, December 15th. Truist Financial upped their price objective on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 8th. JPMorgan Chase & Co. dropped their price objective on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Finally, Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Immunovant has an average rating of “Moderate Buy” and a consensus target price of $30.78.

Insider Transactions at Immunovant

In related 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 transaction, the director directly owned 120,773 shares in the company, valued at $2,806,764.52. This represents a 11.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 completion of the transaction, the chief operating officer directly owned 173,511 shares in the company, valued at approximately $4,098,329.82. The trade was a 6.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 63,868 shares of company stock valued at $1,538,470. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Immunovant

Institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its position in Immunovant by 26.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,517 shares of the company’s stock valued at $217,000 after purchasing an additional 1,778 shares in the last quarter. Aberdeen Group plc boosted its stake in shares of Immunovant by 20.6% during the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock worth $30,100,000 after buying an additional 202,318 shares during the last quarter. FNY Investment Advisers LLC grew its holdings in shares of Immunovant by 100.0% in the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock valued at $101,000 after acquiring an additional 2,000 shares in the last quarter. Banque Pictet & Cie SA increased its position in shares of Immunovant by 0.9% in the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after acquiring an additional 993 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Immunovant in the fourth quarter valued at about $1,823,000. Institutional investors own 47.08% of the company’s stock.

Immunovant Price Performance

IMVT opened at $26.83 on Wednesday. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of -9.45 and a beta of 0.57. The business’s 50-day moving average price is $25.23 and its two-hundred day moving average price is $20.35. Immunovant has a 1 year low of $12.72 and a 1 year high of $27.80.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period in the prior year, the business earned ($0.74) earnings per share. Sell-side analysts anticipate that Immunovant will post -2.69 earnings per share for the current fiscal year.

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.