Roivant Sciences (NASDAQ:ROIV) Stock Price Target Raised at HC Wainwright

Key Points

• HC Wainwright raised its Roivant Sciences price target from $47 to $48 and maintained a Buy rating, implying 18.02% upside from the prior close.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus and an average target of $46.64; 11 of 14 analysts rate it Buy or Strong Buy.
• Company insiders sold about 2.02 million shares worth $73.4 million over the past three months, while institutional investors and hedge funds own 64.76% of the stock.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) had its price target lifted by investment analysts at HC Wainwright from $47.00 to $48.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price target suggests a potential upside of 18.02% from the company's previous close.

Other research analysts have also recently issued reports about the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Roivant Sciences in a report on Thursday, September 24th. TD Cowen reiterated a "buy" rating on shares of Roivant Sciences in a research report on Wednesday, October 21st. Stifel Nicolaus started coverage on Roivant Sciences in a research note on Wednesday, September 16th. They set a "buy" rating and a $51.00 target price for the company. Bank of America restated a "neutral" rating on shares of Roivant Sciences in a research report on Friday, July 31st. Finally, Sanford C. Bernstein upgraded Roivant Sciences to a "strong-buy" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $46.64.

Roivant Sciences Price Performance

Roivant Sciences stock opened at $40.67 on Tuesday. The firm has a 50 day simple moving average of $36.81 and a 200-day simple moving average of $31.89. Roivant Sciences has a 1-year low of $19.79 and a 1-year high of $42.50. The stock has a market cap of $29.38 billion, a price-to-earnings ratio of -76.74 and a beta of 1.23.

Insider Buying and Selling at Roivant Sciences

In related news, insider Mayukh Sukhatme sold 144,756 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $36.48, for a total transaction of $5,280,698.88. Following the completion of the transaction, the insider owned 18,630,739 shares in the company, valued at approximately $679,649,358.72. The trade was a 0.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Eric Venker sold 200,000 shares of the stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $36.31, for a total value of $7,262,000.00. Following the completion of the transaction, the chief executive officer directly owned 999,154 shares in the company, valued at $36,279,281.74. This trade represents a 16.68% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 2,022,688 shares of company stock valued at $73,438,636. Insiders own 8.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP raised its position in shares of Roivant Sciences by 179.0% during the 2nd quarter. Wellington Management Group LLP now owns 2,687,870 shares of the company's stock worth $95,124,000 after acquiring an additional 1,724,588 shares in the last quarter. Maverick Capital Ltd. purchased a new stake in Roivant Sciences during the first quarter worth approximately $45,066,000. Assenagon Asset Management S.A. lifted its stake in Roivant Sciences by 18.2% during the second quarter. Assenagon Asset Management S.A. now owns 8,362,952 shares of the company's stock worth $295,965,000 after purchasing an additional 1,286,464 shares during the last quarter. Affinity Asset Advisors LLC boosted its holdings in Roivant Sciences by 64.7% in the first quarter. Affinity Asset Advisors LLC now owns 2,800,000 shares of the company's stock valued at $77,560,000 after purchasing an additional 1,100,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in Roivant Sciences in the third quarter valued at approximately $35,624,000. 64.76% of the stock is owned by institutional investors and hedge funds.

Roivant Sciences Company Profile

Roivant Sciences is a biopharmaceutical company that develops medicines through a network of subsidiary companies, which it calls “Vants.” These businesses focus on advancing drug candidates in areas such as immunology, oncology, neuroscience and rare diseases.

Founded in 2014, Roivant has built and supported subsidiaries to develop treatments, manage clinical programs and pursue partnerships. Its portfolio has included both internally developed candidates and medicines licensed from other companies.

Roivant operates internationally, with activities spanning the United States and other markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.