Roivant Sciences (NASDAQ:ROIV) Sets New 12-Month High – Here’s What Happened

Roivant Sciences Ltd. (NASDAQ:ROIV)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $23.23 and last traded at $22.94, with a volume of 15073065 shares. The stock had previously closed at $21.90.

Analysts Set New Price Targets

ROIV has been the subject of a number of analyst reports. Leerink Partners increased their price target on Roivant Sciences from $29.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday. Weiss Ratings raised Roivant Sciences from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Saturday, October 25th. JPMorgan Chase & Co. lifted their target price on Roivant Sciences from $16.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, September 18th. Wall Street Zen raised Roivant Sciences from a “strong sell” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Guggenheim reaffirmed a “buy” rating and set a $28.00 price objective on shares of Roivant Sciences in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Roivant Sciences has an average rating of “Moderate Buy” and an average target price of $25.19.

Roivant Sciences Stock Down 4.0%

The stock has a market capitalization of $15.15 billion, a P/E ratio of -38.91 and a beta of 1.22. The company has a fifty day moving average price of $19.88 and a 200-day moving average price of $14.99.

Insider Transactions at Roivant Sciences

In other news, major shareholder Vivek Ramaswamy sold 353,745 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $22.05, for a total transaction of $7,800,077.25. Following the sale, the insider directly owned 34,132,463 shares of the company’s stock, valued at $752,620,809.15. This represents a 1.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Allen Gold sold 777,332 shares of the stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $23.07, for a total value of $17,933,049.24. Following the transaction, the director owned 16,353,113 shares of the company’s stock, valued at $377,266,316.91. This represents a 4.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 12,762,353 shares of company stock worth $259,781,240. 10.80% of the stock is owned by insiders.

Institutional Trading of Roivant Sciences

Several hedge funds have recently made changes to their positions in ROIV. Amundi grew its stake in shares of Roivant Sciences by 18.1% during the first quarter. Amundi now owns 398,729 shares of the company’s stock valued at $3,991,000 after buying an additional 61,214 shares during the last quarter. Inspire Investing LLC purchased a new position in Roivant Sciences during the 1st quarter valued at $303,000. IFG Advisory LLC bought a new position in Roivant Sciences in the 2nd quarter valued at $255,000. Valeo Financial Advisors LLC bought a new position in Roivant Sciences in the 2nd quarter valued at $1,145,000. Finally, Franklin Resources Inc. purchased a new stake in Roivant Sciences in the second quarter worth $997,000. 64.76% of the stock is currently 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.