Roivant Sciences (NASDAQ:ROIV) Hits New 52-Week High - Here's What Happened

Key Points

• Roivant Sciences Ltd. shares reached a new 52-week high of $16.15 during mid-day trading, closing at $15.75 with a trading volume of over 10.6 million shares.
• Multiple analysts have raised their price targets for Roivant Sciences, with Leerink Partners increasing their target from $18.00 to $22.00 and the average consensus price target now sitting at $19.94.
• Insider trading activity included CEO Eric Venker selling 611,000 shares, which represented a 28.88% decrease in his ownership stake in the company.

Shares of Roivant Sciences Ltd. (NASDAQ:ROIV - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $16.15 and last traded at $15.75, with a volume of 10699411 shares. The stock had previously closed at $15.13.

Wall Street Analysts Forecast Growth

ROIV has been the topic of several research reports. Leerink Partners lifted their price objective on Roivant Sciences from $18.00 to $22.00 and gave the company an "outperform" rating in a research report on Thursday, September 18th. Citigroup started coverage on Roivant Sciences in a research report on Tuesday, September 2nd. They set a "buy" rating and a $16.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Roivant Sciences from $16.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, September 18th. HC Wainwright raised their price objective on Roivant Sciences from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, September 18th. Finally, Jefferies Financial Group upped their target price on shares of Roivant Sciences from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Thursday, September 18th. One equities research 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $19.94.

Roivant Sciences Trading Up 4.1%

The company has a market cap of $10.76 billion, a P/E ratio of -22.50 and a beta of 1.15. The stock's 50 day moving average is $12.70 and its 200-day moving average is $11.50.

Insiders Place Their Bets

In related news, CEO Eric Venker sold 611,000 shares of Roivant Sciences stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $14.83, for a total value of $9,061,130.00. Following the completion of the sale, the chief executive officer directly owned 1,504,959 shares in the company, valued at approximately $22,318,541.97. This trade represents a 28.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Vivek Ramaswamy sold 385,816 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $12.96, for a total transaction of $5,000,175.36. Following the transaction, the insider owned 35,508,359 shares in the company, valued at $460,188,332.64. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,686,749 shares of company stock valued at $50,302,987. Corporate insiders own 10.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its holdings in Roivant Sciences by 80.5% in 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 last quarter. CWM LLC lifted its holdings in shares of Roivant Sciences by 44.6% during the 2nd quarter. CWM LLC now owns 2,984 shares of the company's stock valued at $34,000 after buying an additional 920 shares during the period. UMB Bank n.a. boosted its stake in shares of Roivant Sciences by 112.7% in the 1st quarter. UMB Bank n.a. now owns 4,143 shares of the company's stock worth $42,000 after buying an additional 2,195 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Roivant Sciences by 94.8% in the 1st quarter. Russell Investments Group Ltd. now owns 4,588 shares of the company's stock worth $46,000 after buying an additional 2,233 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Roivant Sciences by 59.3% in the first 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.

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