Roivant Sciences (NASDAQ:ROIV) Price Target Raised to $21.00

Key Points

• Guggenheim has raised its price target for Roivant Sciences (NASDAQ:ROIV) from $15.00 to $21.00, indicating a potential upside of 37.70% from the current price.
• Several other firms, including Leerink Partners and HC Wainwright, have also increased their price targets for Roivant, with consensus now at $19.21.
• Insider selling activity has been noted, with CEO Eric Venker selling 100,000 shares for approximately $1.17 million, reducing his ownership stake by 5.70%.

Roivant Sciences (NASDAQ:ROIV - Free Report) had its price target hoisted by Guggenheim from $15.00 to $21.00 in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

ROIV has been the subject of several other research reports. 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 price objective for the company. HC Wainwright boosted their price objective on shares of Roivant Sciences from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday. Leerink Partners upped their price target on shares of Roivant Sciences from $18.00 to $22.00 and gave the company an "outperform" rating in a report on Thursday. Bank of America raised their price target on shares of Roivant Sciences from $12.00 to $16.50 and gave the company a "neutral" rating in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Roivant Sciences from $16.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $19.94.

Roivant Sciences Stock Down 0.3%

ROIV traded down $0.05 during midday trading on Thursday, reaching $15.04. 11,798,795 shares of the company's stock were exchanged, compared to its average volume of 8,213,446. Roivant Sciences has a one year low of $8.73 and a one year high of $16.05. The business has a 50-day simple moving average of $12.22 and a two-hundred day simple moving average of $11.28. The firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of -21.49 and a beta of 1.15.

Insider Buying and Selling at Roivant Sciences

In other news, CEO Eric Venker sold 100,000 shares of Roivant Sciences stock in a transaction dated 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 transaction, the chief executive officer 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew Gline bought 3,315 shares of the company's stock in a transaction dated Thursday, September 18th. The stock was bought at an average cost of $15.07 per share, for a total transaction of $49,957.05. Following the acquisition, the chief executive officer owned 17,287,081 shares of the company's stock, valued at approximately $260,516,310.67. This trade represents a 0.02% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 1,975,749 shares of company stock worth $24,780,210. Corporate insiders own 10.80% of the company's stock.

Institutional Trading of Roivant Sciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Perceptive Advisors LLC purchased a new position in Roivant Sciences during the second quarter worth about $37,546,000. Nuveen LLC acquired a new stake in shares of Roivant Sciences in the first quarter valued at about $31,988,000. Orbimed Advisors LLC acquired a new stake in Roivant Sciences during the 2nd quarter valued at approximately $31,324,000. Rubric Capital Management LP grew its stake in Roivant Sciences by 14.7% during the 2nd quarter. Rubric Capital Management LP now owns 20,370,336 shares of the company's stock valued at $229,574,000 after purchasing an additional 2,603,260 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in Roivant Sciences by 2,580.0% during the 2nd quarter. Squarepoint Ops LLC now owns 2,211,675 shares of the company's stock valued at $24,926,000 after purchasing an additional 2,129,150 shares in the last quarter. 64.76% of the stock is currently owned by hedge funds and other institutional investors.

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.