Roivant Sciences (NASDAQ:ROIV) Hits New 52-Week High – Here’s Why

Shares of Roivant Sciences Ltd. (NASDAQ:ROIV) hit a new 52-week high on Tuesday . The stock traded as high as $18.06 and last traded at $17.74, with a volume of 17724041 shares traded. The stock had previously closed at $17.26.

Analyst Ratings Changes

Several brokerages recently weighed in on ROIV. Citigroup began coverage on Roivant Sciences in a research note on Tuesday, September 2nd. They set a “buy” rating and a $16.00 target price on the stock. Guggenheim boosted their price target on Roivant Sciences from $15.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. Leerink Partners increased their price objective on Roivant Sciences from $18.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, September 18th. Jefferies Financial Group raised their price objective on Roivant Sciences from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, September 18th. Finally, The Goldman Sachs Group upped their target price on Roivant Sciences from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.94.

Roivant Sciences Stock Up 0.5%

The stock has a market cap of $12.26 billion, a PE ratio of -25.66 and a beta of 1.20. The business has a 50 day moving average price of $14.35 and a 200 day moving average price of $12.17.

Insider Activity at Roivant Sciences

In other Roivant Sciences news, CEO Eric Venker sold 118,418 shares of the stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $17.06, for a total transaction of $2,020,211.08. Following the transaction, the chief executive officer owned 1,504,959 shares in the company, valued at approximately $25,674,600.54. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 5,228,958 shares of company stock valued at $76,447,638 in the last quarter. 10.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Roivant Sciences

A number of hedge funds have recently bought and sold shares of ROIV. GAMMA Investing LLC boosted its position in Roivant Sciences by 83.0% during the first quarter. GAMMA Investing LLC now owns 6,493 shares of the company’s stock worth $66,000 after purchasing an additional 2,945 shares in the last quarter. Penn Davis Mcfarland Inc. boosted its position in Roivant Sciences by 3.5% during the first quarter. Penn Davis Mcfarland Inc. now owns 1,707,232 shares of the company’s stock worth $17,226,000 after purchasing an additional 58,206 shares in the last quarter. GF Fund Management CO. LTD. boosted its position in Roivant Sciences by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 18,641 shares of the company’s stock worth $188,000 after purchasing an additional 3,356 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Roivant Sciences by 16.3% during the first quarter. Bank of New York Mellon Corp now owns 4,000,181 shares of the company’s stock worth $40,362,000 after purchasing an additional 560,641 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Roivant Sciences by 10.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 102,478 shares of the company’s stock worth $1,034,000 after purchasing an additional 9,357 shares in the last quarter. Hedge funds and other institutional investors own 64.76% of the company’s stock.

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.