Roivant Sciences (NASDAQ:ROIV) Share Price Breaks Above 50 Day Moving Average Following Insider Selling

Key Points

• Roivant shares rose 6.2% and moved above their 50-day moving average of $36.69, reaching $39.08 before closing at $38.88.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $46.55; recent target increases included Citigroup’s move to $56 and Guggenheim’s to $46.
• In its latest reported quarter, Roivant’s loss of $0.26 per share was narrower than analysts expected, but revenue of $1.44 million fell short of the $2.06 million estimate.

Roivant Sciences Ltd. (NASDAQ:ROIV - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Friday following insider buying activity. The stock has a fifty day moving average of $36.69 and traded as high as $39.08. Roivant Sciences shares last traded at $38.88, with a volume of 12,265,134 shares changing hands.

Analyst Ratings Changes

Several analysts have recently commented on ROIV shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Roivant Sciences in a research note on Wednesday, August 19th. Citigroup boosted their target price on Roivant Sciences from $46.00 to $56.00 and gave the company a "buy" rating in a research note on Wednesday, October 28th. Guggenheim upped their price target on shares of Roivant Sciences from $42.00 to $46.00 and gave the company a "buy" rating in a research note on Wednesday, September 9th. Sanford C. Bernstein raised shares of Roivant Sciences to a "strong-buy" rating in a report on Wednesday, July 29th. Finally, UBS Group set a $55.00 target price on shares of Roivant Sciences in a research note on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.55.

Roivant Sciences Stock Up 6.2%

The company has a fifty day simple moving average of $36.69 and a 200-day simple moving average of $31.80. The firm has a market cap of $28.08 billion, a P/E ratio of -73.36 and a beta of 1.23.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) last issued its quarterly 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 business had revenue of $1.44 million during the quarter, compared to analyst estimates of $2.06 million. As a group, research analysts forecast that Roivant Sciences Ltd. will post -2.00 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aberdeen Group plc acquired a new stake in Roivant Sciences during the 3rd quarter valued at approximately $4,503,000. Allworth Financial LP boosted its holdings in shares of Roivant Sciences by 14.8% in the 3rd quarter. Allworth Financial LP now owns 7,287 shares of the company's stock valued at $258,000 after acquiring an additional 937 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Roivant Sciences by 10.6% in the third quarter. Russell Investments Group Ltd. now owns 582,301 shares of the company's stock worth $21,279,000 after acquiring an additional 55,576 shares during the period. Eurizon Capital SGR S.p.A. increased its stake in shares of Roivant Sciences by 6,388.4% in the third quarter. Eurizon Capital SGR S.p.A. now owns 30,301 shares of the company's stock worth $1,108,000 after acquiring an additional 29,834 shares during the period. Finally, Fifth Third Bancorp raised its holdings in shares of Roivant Sciences by 9.8% during the third quarter. Fifth Third Bancorp now owns 4,753 shares of the company's stock worth $174,000 after purchasing an additional 424 shares during the last quarter. 64.76% of the stock is currently owned by institutional investors.

About Roivant Sciences

Roivant Sciences Ltd. NASDAQ: ROIV is a biopharmaceutical company focused on discovering, developing and commercializing medicines. The company organizes its activities through subsidiaries and partner companies, often referred to as “Vants,” which specialize in particular therapeutic areas and stages of drug development.

Roivant's research and development activities have included immunology, dermatology, women's health, rare diseases and other specialty-care fields. Its portfolio has included Vtama (tapinarof) cream, a nonsteroidal topical treatment approved in the United States for plaque psoriasis and atopic dermatitis.

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