Roivant Sciences (NASDAQ:ROIV) Sets New 1-Year High After Analyst Upgrade

Roivant Sciences Ltd. (NASDAQ:ROIV) hit a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $25.00 to $26.00. Citigroup currently has a buy rating on the stock. Roivant Sciences traded as high as $21.35 and last traded at $21.17, with a volume of 12419270 shares changing hands. The stock had previously closed at $20.62.

Other research analysts also recently issued reports about the stock. The Goldman Sachs Group lifted their price target on shares of Roivant Sciences from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, September 18th. JPMorgan Chase & Co. boosted their price target on shares of Roivant Sciences from $16.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, September 18th. Bank of America upped their price target on shares of Roivant Sciences from $12.00 to $16.50 and gave the company a “neutral” rating in a research report on Thursday, September 18th. HC Wainwright boosted their target price on Roivant Sciences from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. Finally, Guggenheim increased their target price on Roivant Sciences from $15.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.06.

Insider Activity

In other news, CEO Eric Venker sold 683,818 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $14.95, for a total transaction of $10,223,079.10. Following the completion of the sale, the chief executive officer directly owned 1,969,767 shares in the company, valued at approximately $29,448,016.65. This represents a 25.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Vivek Ramaswamy sold 1,195,000 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $12.50, for a total value of $14,937,500.00. Following the completion of the sale, the insider directly owned 36,089,108 shares in the company, valued at $451,113,850. The trade was a 3.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 5,428,958 shares of company stock valued at $80,491,638. Insiders own 10.80% of the company’s stock.

Hedge Funds Weigh In On Roivant Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in ROIV. Amundi raised its holdings in Roivant Sciences by 18.1% in the first quarter. Amundi now owns 398,729 shares of the company’s stock worth $3,991,000 after purchasing an additional 61,214 shares in the last quarter. Inspire Investing LLC bought a new position in shares of Roivant Sciences in the 1st quarter worth about $303,000. IFG Advisory LLC bought a new stake in Roivant Sciences during the second quarter worth about $255,000. Peak Financial Advisors LLC purchased a new stake in Roivant Sciences in the second quarter worth about $472,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Roivant Sciences during the second quarter valued at approximately $3,064,000. Institutional investors own 64.76% of the company’s stock.

Roivant Sciences Stock Performance

The stock has a market capitalization of $14.56 billion, a P/E ratio of -38.07 and a beta of 1.23. The business has a 50-day moving average price of $16.69 and a 200 day moving average price of $13.22.

About Roivant Sciences

Roivant Sciences Ltd., a commercial-stage biopharmaceutical company, engages in the development and commercialization of medicines for inflammation and immunology areas. The company provides Vants, a model to develop and commercialize its medicines and technologies focusing on biopharmaceutical businesses, discovery-stage companies, and health technology startups.