Elevate Capital Advisors LLC Sells 61,368 Shares of Roivant Sciences Ltd. $ROIV

Key Points

• Elevate Capital Advisors LLC reduced its holdings in Roivant Sciences Ltd. by 34.6% during Q2, selling 61,368 shares and bringing its total to 116,026 shares worth approximately $1.31 million.
• Multiple institutional investors altered their stakes in Roivant, with UMB Bank n.a. increasing its position by 42% and new acquisitions from firms like LVW Advisors LLC and Wedmont Private Capital.
• Analysts have mixed opinions on Roivant, with target price increases from firms like Bank of America and Guggenheim, while Weiss Ratings maintain a "sell" rating, indicating a consensus rating of "Moderate Buy" with an average price target of $19.94.

Elevate Capital Advisors LLC decreased its holdings in shares of Roivant Sciences Ltd. (NASDAQ:ROIV - Free Report) by 34.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 116,026 shares of the company's stock after selling 61,368 shares during the period. Elevate Capital Advisors LLC's holdings in Roivant Sciences were worth $1,308,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ROIV. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Roivant Sciences by 10.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,261 shares of the company's stock worth $296,000 after buying an additional 2,385 shares during the last quarter. LVW Advisors LLC purchased a new position in shares of Roivant Sciences in the 2nd quarter worth approximately $199,000. GAMMA Investing LLC grew its position in shares of Roivant Sciences by 22.9% in the 2nd quarter. GAMMA Investing LLC now owns 7,978 shares of the company's stock worth $90,000 after buying an additional 1,485 shares during the last quarter. UMB Bank n.a. boosted its stake in Roivant Sciences by 42.0% in the 2nd quarter. UMB Bank n.a. now owns 5,883 shares of the company's stock worth $66,000 after purchasing an additional 1,740 shares in the last quarter. Finally, Wedmont Private Capital acquired a new stake in Roivant Sciences in the 2nd quarter worth approximately $124,000. Hedge funds and other institutional investors own 64.76% of the company's stock.

Wall Street Analyst Weigh In

ROIV has been the subject of several research reports. Weiss Ratings restated a "sell (d+)" rating on shares of Roivant Sciences in a research note on Saturday, September 27th. Bank of America boosted their target price on shares of Roivant Sciences from $12.00 to $16.50 and gave the company a "neutral" rating in a research note on Thursday, September 18th. Guggenheim boosted their target price on shares of Roivant Sciences from $15.00 to $21.00 and gave the company a "buy" rating in a research note on Thursday, September 18th. Citigroup initiated coverage on shares of Roivant Sciences in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $16.00 target price for the company. Finally, Jefferies Financial Group boosted their target price on shares of Roivant Sciences from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.94.

Roivant Sciences Trading Up 1.2%

Roivant Sciences stock opened at $16.17 on Friday. Roivant Sciences Ltd. has a 12-month low of $8.73 and a 12-month high of $16.19. The stock has a market cap of $11.04 billion, a P/E ratio of -23.10 and a beta of 1.20. The company has a 50-day moving average price of $12.97 and a 200 day moving average price of $11.60.

Insider Buying and Selling at Roivant Sciences

In other news, major shareholder Vivek Ramaswamy sold 385,816 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $12.96, for a total value of $5,000,175.36. Following the completion of the transaction, the insider owned 35,508,359 shares of the company's stock, valued at approximately $460,188,332.64. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Eric Venker sold 611,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $14.83, for a total transaction of $9,061,130.00. Following the completion of the transaction, the chief executive officer directly owned 1,504,959 shares of the company's stock, valued at approximately $22,318,541.97. The trade was a 28.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,686,749 shares of company stock worth $50,302,987 over the last three months. Insiders own 10.80% of the company's stock.

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.

Want to see what other hedge funds are holding ROIV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Roivant Sciences Ltd. (NASDAQ:ROIV - Free Report).

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.