Roivant Sciences (NASDAQ:ROIV) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Roivant Sciences shares rose 1.6% and crossed above their 50-day moving average of $36.64, trading near $37.11. The stock’s 200-day moving average was $31.31.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $46.55. Citigroup and Jefferies recently raised their targets to $56 and $52, respectively.
• Roivant beat quarterly EPS expectations, reporting a loss of $0.26 per share versus the estimated $0.30 loss, although revenue fell short of forecasts. Insiders sold roughly $58.9 million of shares during the last quarter, while institutional investors own 64.76% of the stock.

Roivant Sciences Ltd. (NASDAQ:ROIV - Get Free Report) crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $36.64 and traded as high as $37.13. Roivant Sciences shares last traded at $37.11, with a volume of 5,773,173 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ROIV shares. Wolfe Research cut shares of Roivant Sciences from an "outperform" rating to a "peer perform" rating in a report on Monday, October 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Roivant Sciences in a research report on Wednesday, August 19th. Citigroup raised their target price on shares of Roivant Sciences from $46.00 to $56.00 and gave the stock a "buy" rating in a report on Wednesday. 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. Finally, Guggenheim lifted their target price on shares of Roivant Sciences from $42.00 to $46.00 and gave the stock a "buy" rating in a research report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $46.55.

Roivant Sciences Stock Up 1.6%

The business has a fifty day simple moving average of $36.64 and a two-hundred day simple moving average of $31.31. The company has a market cap of $26.81 billion, a P/E ratio of -70.02 and a beta of 1.10.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $2.06 million. On average, equities analysts predict that Roivant Sciences Ltd. will post -2.00 EPS for the current fiscal year.

Insider Transactions at Roivant Sciences

In related news, Director Melissa Epperly sold 17,750 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The shares were 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. This trade represents a 54.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mayukh Sukhatme sold 284,707 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $36.25, for a total transaction of $10,320,628.75. Following the sale, the insider owned 18,630,739 shares of the company's stock, valued at $675,364,288.75. This trade represents a 1.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,622,688 shares of company stock worth $58,858,636 in the last quarter. Company insiders own 8.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its holdings in Roivant Sciences by 18.2% during the second quarter. Assenagon Asset Management S.A. now owns 8,362,952 shares of the company's stock valued at $295,965,000 after purchasing an additional 1,286,464 shares during the period. Perceptive Advisors LLC increased its position in Roivant Sciences by 3.8% in the first quarter. Perceptive Advisors LLC now owns 8,285,461 shares of the company's stock worth $229,507,000 after buying an additional 300,000 shares in the last quarter. Wellington Management Group LLP increased its position in Roivant Sciences by 179.0% in the second quarter. Wellington Management Group LLP now owns 2,687,870 shares of the company's stock worth $95,124,000 after buying an additional 1,724,588 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Roivant Sciences by 8.0% in the first quarter. Bank of America Corp DE now owns 3,163,821 shares of the company's stock worth $87,638,000 after buying an additional 235,493 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Roivant Sciences by 6.1% in the first quarter. Janus Henderson Group PLC now owns 3,095,448 shares of the company's stock worth $85,790,000 after buying an additional 177,339 shares during the period. 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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