Roivant Sciences (NASDAQ:ROIV) Now Covered by Analysts at Citigroup

Key Points

• Citigroup has initiated coverage on Roivant Sciences, assigning a "buy" rating and setting a price target of $16.00, indicating a potential upside of 34.12% based on the stock's previous close.
• Multiple analysts rated Roivant Sciences with a consensus of "Buy," with price targets ranging from $16.00 to $19.00, reflecting positive market sentiment.
• Insider selling has occurred recently, with major shareholder Vivek Ramaswamy selling over 577,000 shares, while insiders have collectively sold around $25 million worth of stock in the last ninety days.

Analysts at Citigroup began coverage on shares of Roivant Sciences (NASDAQ:ROIV - Get Free Report) in a research note issued on Tuesday, MarketBeat reports. The brokerage set a "buy" rating and a $16.00 price target on the stock. Citigroup's target price points to a potential upside of 23.84% from the company's current price.

Several other analysts also recently weighed in on the stock. HC Wainwright restated a "buy" rating and set a $18.00 price objective on shares of Roivant Sciences in a research report on Wednesday, June 18th. The Goldman Sachs Group upgraded Roivant Sciences to a "strong-buy" rating and set a $19.00 target price for the company in a research note on Thursday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $16.38.

Roivant Sciences Trading Up 2.8%

ROIV traded up $0.35 during midday trading on Tuesday, hitting $12.92. 8,593,965 shares of the company were exchanged, compared to its average volume of 5,242,693. The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of -18.46 and a beta of 1.15. The company's 50 day simple moving average is $11.59 and its 200 day simple moving average is $11.02. Roivant Sciences has a 1-year low of $8.73 and a 1-year high of $13.08.

Insider Activity at Roivant Sciences

In related news, major shareholder Vivek Ramaswamy sold 385,816 shares of the company's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $12.96, for a total transaction of $5,000,175.36. Following the sale, the insider owned 35,508,359 shares in the company, valued at $460,188,332.64. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric Venker sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $11.72, for a total value of $1,172,000.00. Following the completion of the sale, the chief executive officer directly owned 1,653,585 shares of the company's stock, valued at approximately $19,380,016.20. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,218,022 shares of company stock valued at $39,010,006. 10.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Roivant Sciences

Large investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC bought a new stake in shares of Roivant Sciences in the 2nd quarter worth approximately $37,546,000. Nuveen LLC bought a new position in shares of Roivant Sciences in the 1st quarter valued at about $31,988,000. Orbimed Advisors LLC bought a new stake in Roivant Sciences in the second quarter worth about $31,324,000. Rubric Capital Management LP increased its position in shares of Roivant Sciences by 14.7% during the second quarter. Rubric Capital Management LP now owns 20,370,336 shares of the company's stock worth $229,574,000 after acquiring an additional 2,603,260 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in Roivant Sciences by 2,580.0% during the second quarter. Squarepoint Ops LLC now owns 2,211,675 shares of the company's stock valued at $24,926,000 after buying an additional 2,129,150 shares during the period. Institutional investors own 64.76% of the company's stock.

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.