Roivant Sciences (NASDAQ:ROIV) Sees Unusually-High Trading Volume - Here's Why

Shares of Roivant Sciences Ltd. (NASDAQ:ROIV - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 4,956,005 shares were traded during trading, a decline of 13% from the previous session's volume of 5,728,009 shares.The stock last traded at $11.22 and had previously closed at $10.86.

Wall Street Analyst Weigh In

ROIV has been the subject of a number of analyst reports. The Goldman Sachs Group upgraded shares of Roivant Sciences to a "strong-buy" rating and set a $19.00 price objective for the company in a research report on Thursday. HC Wainwright restated a "buy" rating and issued a $18.00 price objective on shares of Roivant Sciences in a research report on Wednesday, June 18th.

Roivant Sciences Price Performance

The business's 50 day moving average is $11.12 and its two-hundred day moving average is $10.87. The firm has a market capitalization of $7.77 billion, a PE ratio of -45.68 and a beta of 1.15.

Roivant Sciences (NASDAQ:ROIV - Get Free Report) last announced its earnings results on Thursday, May 29th. The company reported ($0.31) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.15). The company had revenue of $7.57 million during the quarter, compared to analysts' expectations of $62.17 million. Roivant Sciences had a negative net margin of 225.71% and a negative return on equity of 14.76%. During the same period in the prior year, the business earned ($0.23) earnings per share. Analysts expect that Roivant Sciences Ltd. will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Roivant Sciences news, major shareholder Vivek Ramaswamy sold 577,007 shares of Roivant Sciences stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $11.46, for a total transaction of $6,612,500.22. Following the transaction, the insider directly owned 37,284,108 shares of the company's stock, valued at approximately $427,275,877.68. This trade represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric Venker sold 100,000 shares of Roivant Sciences stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $11.45, for a total transaction of $1,145,000.00. Following the transaction, the chief operating officer directly owned 1,462,223 shares in the company, valued at $16,742,453.35. This trade represents a 6.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,464,462 shares of company stock worth $39,098,856 over the last ninety days. 7.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in shares of Roivant Sciences by 478.6% in the fourth quarter. Russell Investments Group Ltd. now owns 2,355 shares of the company's stock worth $28,000 after buying an additional 1,948 shares during the period. Parallel Advisors LLC increased its stake in shares of 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 buying an additional 1,108 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in shares of Roivant Sciences in the fourth quarter worth $39,000. UMB Bank n.a. increased its stake in shares of Roivant Sciences by 112.7% in the first 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 period. Finally, Fifth Third Bancorp increased its stake 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 buying an additional 1,905 shares during the period. 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.