Bank of America Forecasts Strong Price Appreciation for Roivant Sciences (NASDAQ:ROIV) Stock

Key Points

• Bank of America has raised its price target for Roivant Sciences from $12.00 to $16.50, signaling a potential upside of 7.98% based on the company's previous close.
• Multiple analysts have upgraded their ratings for Roivant Sciences, with Leerink Partners setting a price target of $22.00 and Goldman Sachs rating it as a "strong-buy" with a $19.00 price target.
• Insider selling has been noted, with CEO Eric Venker selling 100,000 shares, indicating a 5.70% decrease in his position, while major shareholder Vivek Ramaswamy sold 1,195,000 shares, reflecting overall insider activity in the company.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) had its price target increased by investment analysts at Bank of America from $12.00 to $16.50 in a report released on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Bank of America's price target would indicate a potential upside of 10.49% from the stock's previous close.

A number of other equities research analysts have also commented on the stock. HC Wainwright upped 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 boosted their price objective on shares of Roivant Sciences from $18.00 to $22.00 and gave the company an "outperform" rating in a research report on Thursday. Citigroup assumed coverage on shares of Roivant Sciences in a report on Tuesday, September 2nd. They issued a "buy" rating and a $16.00 target price for the company. Finally, The Goldman Sachs Group upgraded Roivant Sciences to a "strong-buy" rating and set a $19.00 price objective for the company in a report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $19.94.

Roivant Sciences Trading Down 0.7%

ROIV traded down $0.11 during trading on Thursday, hitting $14.93. The stock had a trading volume of 3,915,986 shares, compared to its average volume of 6,097,743. The company has a 50 day simple moving average of $12.22 and a 200-day simple moving average of $11.29. Roivant Sciences has a 12 month low of $8.73 and a 12 month high of $16.05. The firm has a market cap of $10.20 billion, a PE ratio of -21.28 and a beta of 1.15.

Insiders Place Their Bets

In related news, CEO Matthew Gline bought 3,315 shares of Roivant Sciences stock in a transaction dated Thursday, September 18th. The stock was purchased at an average cost of $15.07 per share, with a total value of $49,957.05. Following the transaction, the chief executive officer directly owned 17,287,081 shares of the company's stock, valued at approximately $260,516,310.67. The trade was a 0.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric Venker sold 100,000 shares of Roivant Sciences stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $11.72, for a total transaction of $1,172,000.00. Following the sale, the chief executive officer directly owned 1,653,585 shares of the company's stock, valued at $19,380,016.20. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,975,749 shares of company stock valued at $24,780,210. 10.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Roivant Sciences

Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its stake in Roivant Sciences by 80.5% in the 1st quarter. Parallel Advisors LLC now owns 2,485 shares of the company's stock worth $25,000 after buying an additional 1,108 shares during the period. CWM LLC grew its holdings in shares of Roivant Sciences by 44.6% during the second quarter. CWM LLC now owns 2,984 shares of the company's stock worth $34,000 after buying an additional 920 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Roivant Sciences by 112.7% during the first quarter. UMB Bank n.a. now owns 4,143 shares of the company's stock worth $42,000 after purchasing an additional 2,195 shares in the last quarter. Russell Investments Group Ltd. raised its holdings 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 acquiring an additional 2,233 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake 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 last quarter. 64.76% of the stock is owned by hedge funds and other institutional investors.

Roivant Sciences Company Profile

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.