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

Roivant Sciences Ltd. (NASDAQ:ROIV - Get Free Report) shares saw strong trading volume on Wednesday . 4,956,005 shares changed hands 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 Analysts Forecast Growth

A number of analysts recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Roivant Sciences in a research report on Thursday. They set a "buy" rating and a $19.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Roivant Sciences in a research report on Wednesday, June 18th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $17.88.

Roivant Sciences Stock Up 3.1%

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 $7.87 billion, a P/E ratio of -46.28 and a beta of 1.15.

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

Insider Activity

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 stock was sold at an average price of $11.46, for a total value of $6,612,500.22. Following the transaction, the insider directly owned 37,284,108 shares of the company's stock, valued at $427,275,877.68. The trade was a 1.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Eric Venker sold 566,278 shares of Roivant Sciences stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.22, for a total value of $6,353,639.16. Following the completion of the transaction, the chief operating officer directly owned 1,462,223 shares in the company, valued at approximately $16,406,142.06. This represents a 27.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,464,462 shares of company stock worth $39,098,856. Company insiders own 7.90% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ROIV. GAMMA Investing LLC grew its position in Roivant Sciences by 83.0% in the first quarter. GAMMA Investing LLC now owns 6,493 shares of the company's stock valued at $66,000 after acquiring an additional 2,945 shares during the period. Thompson Siegel & Walmsley LLC grew its holdings in shares of Roivant Sciences by 10.1% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 565,337 shares of the company's stock worth $6,688,000 after purchasing an additional 51,705 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Roivant Sciences by 478.6% during the fourth quarter. Russell Investments Group Ltd. now owns 2,355 shares of the company's stock worth $28,000 after purchasing an additional 1,948 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Roivant Sciences during the fourth quarter worth $995,000. Finally, Monimus Capital Management LP bought a new stake in shares of Roivant Sciences during the fourth quarter worth $1,621,000. 64.76% of the stock is currently owned by institutional investors and hedge funds.

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.