Roivant Sciences (NASDAQ:ROIV) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. increased its price target for Roivant Sciences from $16.00 to $20.00, indicating a potential upside of 31.14% from its previous close.
• Other analysts, including The Goldman Sachs Group and HC Wainwright, have also raised their ratings, with a consensus price target of $19.21.
• Insider selling activity includes CEO Eric Venker selling 100,000 shares and major shareholder Vivek Ramaswamy selling 385,816 shares, indicating a shift in insider holdings.

Roivant Sciences (NASDAQ:ROIV - Free Report) had its price objective raised by JPMorgan Chase & Co. from $16.00 to $20.00 in a research report sent to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

ROIV has been the subject of several other research reports. Leerink Partners lifted their target price on Roivant Sciences from $18.00 to $22.00 and gave the stock an "outperform" rating in a research report on Thursday. The Goldman Sachs Group upgraded Roivant Sciences to a "strong-buy" rating and set a $19.00 price target on the stock in a report on Thursday, July 10th. Citigroup started coverage on Roivant Sciences in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $16.00 target price on the stock. Bank of America boosted their price target on Roivant Sciences from $12.00 to $16.50 and gave the stock a "neutral" rating in a research report on Thursday. Finally, HC Wainwright boosted their price target on Roivant Sciences from $18.00 to $20.00 and gave the stock a "buy" rating in a research report 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. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $19.94.

Roivant Sciences Stock Performance

Shares of NASDAQ:ROIV traded down $0.11 during mid-day trading on Thursday, hitting $14.93. 4,066,597 shares of the company traded hands, compared to its average volume of 6,098,413. The firm has a market cap of $10.20 billion, a P/E ratio of -21.33 and a beta of 1.15. Roivant Sciences has a 52-week low of $8.73 and a 52-week high of $16.05. The firm's 50 day simple moving average is $12.22 and its 200 day simple moving average is $11.29.

Insider Activity

In other Roivant Sciences news, CEO Matthew Gline bought 3,315 shares of Roivant Sciences stock in a transaction that occurred on Thursday, September 18th. The stock was acquired at an average price of $15.07 per share, for a total transaction of $49,957.05. Following the completion of the acquisition, the chief executive officer owned 17,287,081 shares of the company's stock, valued at $260,516,310.67. This trade represents a 0.02% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Eric Venker sold 100,000 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $11.72, for a total transaction of $1,172,000.00. Following the completion of the transaction, 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. Insiders have sold a total of 1,975,749 shares of company stock worth $24,780,210 over the last three months. Corporate insiders own 10.80% of the company's stock.

Hedge Funds Weigh In On Roivant Sciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC grew its holdings in Roivant Sciences by 80.5% during the first quarter. Parallel Advisors LLC now owns 2,485 shares of the company's stock worth $25,000 after purchasing an additional 1,108 shares during the period. CWM LLC boosted 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 acquiring an additional 920 shares during the period. UMB Bank n.a. increased its stake in Roivant Sciences by 112.7% during the 1st quarter. UMB Bank n.a. now owns 4,143 shares of the company's stock worth $42,000 after acquiring an additional 2,195 shares during the period. Russell Investments Group Ltd. increased its stake in Roivant Sciences by 94.8% during the 1st quarter. Russell Investments Group Ltd. now owns 4,588 shares of the company's stock worth $46,000 after acquiring an additional 2,233 shares during the period. Finally, Fifth Third Bancorp increased its stake in Roivant Sciences by 59.3% during the 1st quarter. Fifth Third Bancorp now owns 5,118 shares of the company's stock worth $52,000 after acquiring an additional 1,905 shares during the period. Institutional investors own 64.76% of the company's stock.

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.