Traders Purchase Large Volume of Immunovant Call Options (NASDAQ:IMVT)

Immunovant, Inc. (NASDAQ:IMVT) saw unusually large options trading on Monday. Stock traders acquired 2,610 call options on the company. This represents an increase of approximately 196% compared to the average daily volume of 883 call options.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded up $0.65 during midday trading on Monday, hitting $26.66. 297,682 shares of the company traded hands, compared to its average volume of 1,558,020. Immunovant has a 12-month low of $12.72 and a 12-month high of $27.80. The firm has a market cap of $4.67 billion, a P/E ratio of -9.31 and a beta of 0.57. The stock has a 50-day moving average price of $25.12 and a 200 day moving average price of $20.22.

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 quarter last year, the company earned ($0.74) earnings per share. As a group, equities analysts expect that Immunovant will post -2.69 earnings per share for the current year.

Insider Buying and Selling

In other Immunovant news, Director Douglas J. Hughes sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.24, for a total value of $348,600.00. Following the completion of the sale, the director owned 120,773 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, COO Melanie Gloria sold 12,626 shares of Immunovant stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total transaction of $298,226.12. Following the transaction, the chief operating officer directly owned 173,511 shares in the company, valued at $4,098,329.82. This trade represents a 6.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 63,868 shares of company stock worth $1,538,470 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. Aberdeen Group plc grew its stake in shares of Immunovant by 20.6% in the fourth quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock worth $30,100,000 after acquiring an additional 202,318 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in Immunovant by 100.0% in the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock worth $101,000 after purchasing an additional 2,000 shares in the last quarter. Banque Pictet & Cie SA grew its position in Immunovant by 0.9% during the 4th quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after purchasing an additional 993 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in Immunovant during the 4th quarter valued at about $1,823,000. Finally, Alpine Global Management LLC increased its stake in Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after purchasing an additional 128,039 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on IMVT. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. Guggenheim reissued a “buy” rating and issued a $41.00 target price on shares of Immunovant in a research note on Thursday, December 18th. The Goldman Sachs Group raised their price target on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 15th. JPMorgan Chase & Co. decreased their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 30th. Finally, Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.