DAVENPORT & Co LLC Reduces Holdings in Roivant Sciences Ltd. (NASDAQ:ROIV)

DAVENPORT & Co LLC decreased its position in shares of Roivant Sciences Ltd. (NASDAQ:ROIV - Free Report) by 86.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,700 shares of the company's stock after selling 138,440 shares during the period. DAVENPORT & Co LLC's holdings in Roivant Sciences were worth $219,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Penn Davis Mcfarland Inc. increased its stake in Roivant Sciences by 3.5% during the 1st quarter. Penn Davis Mcfarland Inc. now owns 1,707,232 shares of the company's stock worth $17,226,000 after buying an additional 58,206 shares during the period. Fifth Third Bancorp grew its holdings in Roivant Sciences by 59.3% during the 1st quarter. Fifth Third Bancorp now owns 5,118 shares of the company's stock worth $52,000 after acquiring an additional 1,905 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Roivant Sciences during the 1st quarter worth $570,000. GAMMA Investing LLC grew its holdings in Roivant Sciences by 83.0% during the 1st quarter. GAMMA Investing LLC now owns 6,493 shares of the company's stock worth $66,000 after acquiring an additional 2,945 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in Roivant Sciences by 112.7% during the 1st quarter. UMB Bank n.a. now owns 4,143 shares of the company's stock worth $42,000 after acquiring an additional 2,195 shares in the last quarter. Hedge funds and other institutional investors own 64.76% of the company's stock.

Insider Activity

In other news, COO Eric Venker sold 566,278 shares of Roivant Sciences stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $11.22, for a total value of $6,353,639.16. Following the completion of the transaction, the chief operating officer directly owned 1,462,223 shares of the company's stock, valued at approximately $16,406,142.06. The trade was a 27.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Vivek Ramaswamy sold 577,007 shares of Roivant Sciences stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $11.46, for a total transaction of $6,612,500.22. Following the completion of the transaction, the insider directly owned 37,284,108 shares of the company's stock, valued at $427,275,877.68. This trade represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,464,462 shares of company stock valued at $39,098,856 over the last ninety days. Company insiders own 7.90% of the company's stock.

Roivant Sciences Price Performance

Shares of ROIV stock opened at $10.86 on Wednesday. The firm has a market cap of $7.38 billion, a P/E ratio of -43.44 and a beta of 1.15. Roivant Sciences Ltd. has a 1-year low of $8.73 and a 1-year high of $13.06. The firm has a fifty day moving average of $11.13 and a two-hundred day moving average of $10.87.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.15). Roivant Sciences had a negative net margin of 225.71% and a negative return on equity of 14.76%. The business had revenue of $7.57 million during the quarter, compared to analyst estimates of $62.17 million. During the same period last year, the firm posted ($0.23) earnings per share. On average, sell-side analysts expect that Roivant Sciences Ltd. will post -0.92 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a "buy" rating and set a $18.00 price objective on shares of Roivant Sciences in a report on Wednesday, June 18th.

Roivant Sciences Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.