Roivant Sciences Ltd. $ROIV Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. has decreased its holdings in Roivant Sciences Ltd. by 4.3%, selling 20,962 shares to hold a total of 464,990 shares valued at approximately $4.69 million.
• Roivant Sciences reported a quarterly loss with an EPS of ($0.31), missing estimates and generating only $7.57 million in revenue against an expected $62.17 million.
• The stock received a strong-buy upgrade from Goldman Sachs, with a price target set at $19.00, while the consensus rating remains a "Buy" with an average target price of $16.50.

Corebridge Financial Inc. decreased its holdings in shares of Roivant Sciences Ltd. (NASDAQ:ROIV - Free Report) by 4.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 464,990 shares of the company's stock after selling 20,962 shares during the period. Corebridge Financial Inc. owned approximately 0.07% of Roivant Sciences worth $4,692,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ROIV. Parallel Advisors LLC lifted its position in Roivant Sciences by 80.5% in the first quarter. Parallel Advisors LLC now owns 2,485 shares of the company's stock valued at $25,000 after purchasing an additional 1,108 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Roivant Sciences by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,110 shares of the company's stock valued at $173,000 after purchasing an additional 1,434 shares during the period. Fifth Third Bancorp lifted its position in Roivant Sciences by 59.3% in the first quarter. Fifth Third Bancorp now owns 5,118 shares of the company's stock valued at $52,000 after purchasing an additional 1,905 shares during the period. UMB Bank n.a. lifted its position in Roivant Sciences by 112.7% in the first quarter. UMB Bank n.a. now owns 4,143 shares of the company's stock valued at $42,000 after purchasing an additional 2,195 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Roivant Sciences by 94.8% in the first quarter. Russell Investments Group Ltd. now owns 4,588 shares of the company's stock valued at $46,000 after purchasing an additional 2,233 shares during the period. Institutional investors and hedge funds own 64.76% of the company's stock.

Roivant Sciences Trading Down 0.1%

ROIV stock opened at $11.93 on Friday. The firm has a 50 day moving average of $11.49 and a 200-day moving average of $10.96. Roivant Sciences Ltd. has a 12-month low of $8.73 and a 12-month high of $13.06. The company has a market cap of $8.15 billion, a price-to-earnings ratio of -17.04 and a beta of 1.15.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.15). Roivant Sciences had a negative net margin of 2,111.79% and a negative return on equity of 15.90%. The company had revenue of $7.57 million for the quarter, compared to analyst estimates of $62.17 million. During the same quarter in the previous year, the business posted ($0.23) earnings per share. Sell-side analysts forecast that Roivant Sciences Ltd. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric Venker sold 100,000 shares of Roivant Sciences stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $11.72, for a total transaction of $1,172,000.00. Following the completion of the sale, the chief executive officer directly owned 1,653,585 shares in the company, valued at approximately $19,380,016.20. This trade represents a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Vivek Ramaswamy sold 577,007 shares of Roivant Sciences stock in a transaction that occurred on 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 sale, the insider owned 37,284,108 shares of the company's stock, valued at approximately $427,275,877.68. The trade was a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,190,503 shares of company stock valued at $36,163,546. Insiders own 10.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on ROIV. The Goldman Sachs Group upgraded shares of Roivant Sciences to a "strong-buy" rating and set a $19.00 price objective for the company in a research report on Thursday, July 10th. HC Wainwright restated a "buy" rating and issued a $18.00 price objective on shares of Roivant Sciences in a research report on Wednesday, June 18th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $16.50.

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.

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