Roivant Sciences (NASDAQ:ROIV) Reaches New 1-Year High - Here's What Happened

Key Points

• Roivant Sciences Ltd. saw its stock price reach a new 52-week high at $15.96, reflecting a significant increase in trading volume of 569,763 shares.
• Several analyst upgrades have been reported, with Goldman Sachs listing a price target of $19.00, while HC Wainwright and Citigroup set targets of $18.00 and $16.00, respectively, contributing to a consensus rating of "Strong Buy."
• Insider trading activity includes CEO Eric Venker selling 100,000 shares and major shareholder Vivek Ramaswamy selling 1,195,000 shares, indicating notable shifts in insider ownership.

Roivant Sciences Ltd. (NASDAQ:ROIV - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $15.93 and last traded at $15.96, with a volume of 569763 shares changing hands. The stock had previously closed at $14.18.

Analyst Ratings Changes

Several research analysts have commented on ROIV shares. Citigroup started coverage on Roivant Sciences in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $16.00 price objective on the stock. Guggenheim raised their target price on Roivant Sciences from $15.00 to $21.00 and gave the company a "buy" rating in a research note on Thursday. JPMorgan Chase & Co. raised their target price on Roivant Sciences from $16.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday. Leerink Partners raised their target price on Roivant Sciences from $18.00 to $22.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, HC Wainwright raised their target price on Roivant Sciences from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $19.94.

Roivant Sciences Stock Down 0.3%

The firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of -21.49 and a beta of 1.15. The stock has a 50 day moving average of $12.22 and a 200 day moving average of $11.28.

Insider Buying and Selling

In related news, CEO Matthew Gline bought 3,315 shares of the firm's stock in a transaction on 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 completion of the purchase, the chief executive officer directly owned 17,287,081 shares in the company, valued at approximately $260,516,310.67. The trade was a 0.02% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Vivek Ramaswamy sold 1,195,000 shares of Roivant Sciences stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $12.50, for a total value of $14,937,500.00. Following the completion of the transaction, the insider owned 36,089,108 shares of the company's stock, valued at approximately $451,113,850. The trade was a 3.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,975,749 shares of company stock worth $24,780,210. 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 stock. Parallel Advisors LLC boosted its stake in Roivant Sciences by 80.5% in the first quarter. Parallel Advisors LLC now owns 2,485 shares of the company's stock valued at $25,000 after acquiring an additional 1,108 shares during the period. CWM LLC boosted its stake in Roivant Sciences by 44.6% in the second quarter. CWM LLC now owns 2,984 shares of the company's stock valued at $34,000 after acquiring an additional 920 shares during the period. UMB Bank n.a. boosted its stake in Roivant Sciences by 112.7% in the first quarter. UMB Bank n.a. now owns 4,143 shares of the company's stock valued at $42,000 after acquiring an additional 2,195 shares during the period. Russell Investments Group Ltd. boosted its stake 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 during the period. Finally, Fifth Third Bancorp boosted 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 acquiring an additional 1,905 shares during the period. 64.76% of the stock is currently owned by institutional investors and hedge funds.

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.