Roivant Sciences Ltd. $ROIV Stock Holdings Lowered by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Roivant Sciences stake by 11.7% in the third quarter, selling 979,981 shares and retaining 7.38 million shares valued at approximately $270 million.
• Institutional investors own 64.76% of Roivant, while analysts maintain a generally positive outlook: the stock has a consensus “Moderate Buy” rating and an average price target of $45.64.
• Roivant shares opened at $34.04, and insiders sold approximately $58.8 million worth of stock over the past three months. The company’s latest quarterly loss of $0.26 per share was narrower than analysts expected, although revenue fell short of estimates.

Assenagon Asset Management S.A. lessened its holdings in shares of Roivant Sciences Ltd. (NASDAQ:ROIV - Free Report) by 11.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,382,971 shares of the company's stock after selling 979,981 shares during the quarter. Assenagon Asset Management S.A. owned 1.02% of Roivant Sciences worth $269,995,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Perceptive Advisors LLC grew its stake in Roivant Sciences by 3.8% in the first quarter. Perceptive Advisors LLC now owns 8,285,461 shares of the company's stock valued at $229,507,000 after acquiring an additional 300,000 shares during the period. Baker BROS. Advisors LP increased its holdings in shares of Roivant Sciences by 47.4% in the fourth quarter. Baker BROS. Advisors LP now owns 5,555,017 shares of the company's stock worth $120,544,000 after acquiring an additional 1,787,244 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Roivant Sciences by 179.0% during the second quarter. Wellington Management Group LLP now owns 2,687,870 shares of the company's stock worth $95,124,000 after purchasing an additional 1,724,588 shares during the period. Bank of America Corp DE raised its position in shares of Roivant Sciences by 8.0% during the first quarter. Bank of America Corp DE now owns 3,163,821 shares of the company's stock worth $87,638,000 after purchasing an additional 235,493 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Roivant Sciences by 6.1% during the first quarter. Janus Henderson Group PLC now owns 3,095,448 shares of the company's stock worth $85,790,000 after purchasing an additional 177,339 shares during the period. 64.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ROIV. TD Cowen boosted their price objective on Roivant Sciences from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, September 9th. Sanford C. Bernstein raised Roivant Sciences to a "strong-buy" rating in a research note on Wednesday, July 29th. Jefferies Financial Group raised their target price on shares of Roivant Sciences from $42.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, September 8th. UBS Group set a $55.00 target price on shares of Roivant Sciences in a report on Wednesday, September 9th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Roivant Sciences in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $45.64.

Insider Transactions at Roivant Sciences

In other news, CEO Eric Venker sold 200,000 shares of the company's stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $36.62, for a total transaction of $7,324,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,599,154 shares of the company's stock, valued at $58,561,019.48. This represents a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Melissa Epperly sold 17,750 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $36.10, for a total value of $640,775.00. Following the transaction, the director owned 14,954 shares of the company's stock, valued at approximately $539,839.40. The trade was a 54.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,622,688 shares of company stock valued at $58,826,636 over the last three months. Company insiders own 8.80% of the company's stock.

Roivant Sciences Trading Up 1.2%

Shares of NASDAQ ROIV opened at $34.04 on Friday. The firm has a market cap of $24.59 billion, a PE ratio of -64.23 and a beta of 1.10. Roivant Sciences Ltd. has a 1-year low of $16.88 and a 1-year high of $42.50. The company has a fifty day moving average price of $36.66 and a 200 day moving average price of $33.05.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) last released its earnings results on Friday, August 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.04. Roivant Sciences had a negative return on equity of 22.94% and a negative net margin of 3,534.96%. The firm had revenue of $1.44 million during the quarter, compared to analysts' expectations of $2.06 million. Equities research analysts forecast that Roivant Sciences Ltd. will post -2.00 EPS for the current year.

Roivant Sciences Profile

Roivant Sciences Ltd. NASDAQ: ROIV is a biopharmaceutical company focused on discovering, developing and commercializing medicines for patients with serious or underserved diseases. The company operates through a network of subsidiary companies, known as “Vants,” each dedicated to specific therapeutic areas, drug candidates or commercial opportunities.

Roivant's research and development activities have included treatments for immune-mediated diseases, rare disorders, oncology and conditions affecting the nervous system.

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