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

Shares of Roivant Sciences Ltd. (NASDAQ:ROIV) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $21.96 and last traded at $21.5690, with a volume of 2700461 shares traded. The stock had previously closed at $20.24.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Roivant Sciences from $16.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, September 18th. Bank of America lifted their price target on Roivant Sciences from $12.00 to $16.50 and gave the company a “neutral” rating in a research note on Thursday, September 18th. Leerink Partners reaffirmed an “outperform” rating and set a $29.00 price objective on shares of Roivant Sciences in a research report on Tuesday, November 11th. The Goldman Sachs Group increased their price objective on Roivant Sciences from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, September 18th. Finally, Citigroup boosted their target price on Roivant Sciences from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Roivant Sciences currently has a consensus rating of “Moderate Buy” and an average price target of $22.56.

Roivant Sciences Price Performance

The firm has a market cap of $15.04 billion, a price-to-earnings ratio of -38.71 and a beta of 1.22. The business has a 50-day moving average of $19.15 and a 200-day moving average of $14.55.

Insiders Place Their Bets

In related news, CEO Eric Venker sold 683,818 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $14.95, for a total transaction of $10,223,079.10. Following the transaction, the chief executive officer directly owned 1,969,767 shares in the company, valued at approximately $29,448,016.65. The trade was a 25.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel Allen Gold sold 1,300,000 shares of the company’s stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $20.23, for a total transaction of $26,299,000.00. Following the sale, the director directly owned 18,047,727 shares in the company, valued at $365,105,517.21. This trade represents a 6.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,707,812 shares of company stock valued at $121,101,540 in the last 90 days. 10.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Amundi increased its position in Roivant Sciences by 18.1% during the first quarter. Amundi now owns 398,729 shares of the company’s stock worth $3,991,000 after acquiring an additional 61,214 shares during the period. Inspire Investing LLC bought a new position in shares of Roivant Sciences during the first quarter worth approximately $303,000. IFG Advisory LLC bought a new position in shares of Roivant Sciences during the second quarter worth approximately $255,000. Franklin Resources Inc. acquired a new stake in shares of Roivant Sciences in the second quarter valued at approximately $997,000. Finally, Peak Financial Advisors LLC bought a new stake in shares of Roivant Sciences in the second quarter valued at approximately $472,000. 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.