Roivant Sciences (NASDAQ:ROIV) Trading Up 5% – Here’s Why

Roivant Sciences Ltd. (NASDAQ:ROIV)’s share price was up 5% on Wednesday . The stock traded as high as $11.15 and last traded at $11.25. Approximately 1,658,030 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 5,485,951 shares. The stock had previously closed at $10.71.

Analysts Set New Price Targets

Several research analysts have commented on ROIV shares. HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Roivant Sciences in a report on Tuesday, February 11th. Cantor Fitzgerald raised shares of Roivant Sciences to a “strong-buy” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $18.08.

Roivant Sciences Trading Up 3.2 %

The firm’s 50-day moving average price is $10.78 and its 200-day moving average price is $11.48. The stock has a market capitalization of $7.89 billion, a PE ratio of -73.50 and a beta of 1.26.

Roivant Sciences (NASDAQ:ROIV) last announced its earnings results on Monday, February 10th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.04. Roivant Sciences had a negative net margin of 119.54% and a negative return on equity of 14.05%. On average, equities research analysts predict that Roivant Sciences Ltd. will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other news, CIO Mayukh Sukhatme sold 185,946 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $12.00, for a total transaction of $2,231,352.00. Following the sale, the executive now directly owns 18,836,547 shares in the company, valued at approximately $226,038,564. This represents a 0.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric Venker sold 176,900 shares of the company’s stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $11.82, for a total transaction of $2,090,958.00. Following the sale, the chief operating officer now owns 668,680 shares in the company, valued at $7,903,797.60. This represents a 20.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,975,586 shares of company stock worth $22,640,661. 7.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Roivant Sciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ROIV. Norges Bank purchased a new stake in Roivant Sciences in the 4th quarter worth about $52,443,000. TOMS Capital Investment Management LP purchased a new stake in Roivant Sciences in the 3rd quarter worth about $46,333,000. Invesco Ltd. raised its position in Roivant Sciences by 49.7% in the 4th quarter. Invesco Ltd. now owns 9,515,058 shares of the company’s stock worth $112,563,000 after purchasing an additional 3,159,603 shares during the period. FMR LLC increased its position in shares of Roivant Sciences by 5.6% during the third quarter. FMR LLC now owns 49,145,056 shares of the company’s stock worth $567,134,000 after acquiring an additional 2,593,910 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Roivant Sciences by 5.8% during the fourth quarter. Vanguard Group Inc. now owns 44,087,287 shares of the company’s stock worth $521,553,000 after acquiring an additional 2,404,232 shares during the period. 64.76% of the stock is owned by hedge funds and other institutional investors.

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.