Roivant Sciences (NASDAQ:ROIV) Price Target Raised to $24.00

Key Points

• The Goldman Sachs Group raised Roivant Sciences' price target from $20.00 to $24.00, indicating a potential upside of 59.31% from the current price.
• Other analysts have also increased their price targets for Roivant, with Leerink Partners setting it at $22.00 and HC Wainwright at $20.00, contributing to a consensus price target of $19.94.
• Despite the positive outlook from analysts, Roivant's shares experienced a 1.4% decline, closing at $15.07 on the day of the announcements.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) had its price objective lifted by investment analysts at The Goldman Sachs Group from $20.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price target suggests a potential upside of 59.31% from the company's current price.

Other research analysts also recently issued research reports about the company. Citigroup reiterated a "neutral" rating on shares of Roivant Sciences in a report on Thursday. Leerink Partners lifted their price objective on Roivant Sciences from $18.00 to $22.00 and gave the stock an "outperform" rating in a report on Thursday. HC Wainwright lifted their price objective on Roivant Sciences from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday. Jefferies Financial Group lifted their price objective on Roivant Sciences from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Bank of America raised their target price on Roivant Sciences from $12.00 to $16.50 and gave the stock a "neutral" rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.94.

Roivant Sciences Stock Down 1.4%

Shares of ROIV traded down $0.22 during trading hours on Thursday, hitting $15.07. The company had a trading volume of 3,744,297 shares, compared to its average volume of 6,046,751. The firm has a market cap of $10.29 billion, a P/E ratio of -21.55 and a beta of 1.15. The stock's 50 day moving average price is $12.07 and its 200 day moving average price is $11.21. Roivant Sciences has a 52-week low of $8.73 and a 52-week high of $16.05.

Insider Buying and Selling

In other news, major shareholder Vivek Ramaswamy sold 385,816 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $12.96, for a total value of $5,000,175.36. Following the sale, the insider directly owned 35,508,359 shares of the company's stock, valued at $460,188,332.64. The trade was a 1.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Eric Venker sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $11.72, for a total value of $1,172,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,653,585 shares in the company, valued at $19,380,016.20. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,652,756 shares of company stock worth $32,537,710. Insiders own 10.80% of the company's stock.

Hedge Funds Weigh In On Roivant Sciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ROIV. Parallel Advisors LLC lifted its position in Roivant Sciences by 80.5% in the 1st 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 in the last quarter. CWM LLC lifted its position in Roivant Sciences by 44.6% in the 2nd quarter. CWM LLC now owns 2,984 shares of the company's stock valued at $34,000 after acquiring an additional 920 shares in the last quarter. UMB Bank n.a. lifted its position in Roivant Sciences by 112.7% in the 1st 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 in the last quarter. Russell Investments Group Ltd. lifted its position in Roivant Sciences by 94.8% in the 1st 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 lifted its position in Roivant Sciences by 59.3% in the 1st 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 in the last quarter. 64.76% of the stock is owned by 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.

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