Roivant Sciences (NASDAQ:ROIV) Sets New 52-Week High – Here’s What Happened

Roivant Sciences Ltd. (NASDAQ:ROIV) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $16.79 and last traded at $16.26, with a volume of 7141267 shares traded. The stock had previously closed at $16.17.

Wall Street Analyst Weigh In

ROIV has been the subject of several research analyst reports. Guggenheim raised their price target on shares of Roivant Sciences from $15.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, September 18th. JPMorgan Chase & Co. boosted 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. The Goldman Sachs Group upped their price target on Roivant Sciences from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of Roivant Sciences in a report on Saturday, September 27th. Finally, Jefferies Financial Group upped their price objective on shares of Roivant Sciences from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.94.

Roivant Sciences Stock Performance

The firm has a market cap of $11.10 billion, a P/E ratio of -23.23 and a beta of 1.20. The firm has a 50 day simple moving average of $13.07 and a 200 day simple moving average of $11.65.

Insider Activity

In other news, CEO Matthew Gline bought 3,315 shares of the firm’s stock in a transaction that occurred on Thursday, September 18th. The shares were acquired at an average price of $15.07 per share, with a total value of $49,957.05. Following the acquisition, the chief executive officer owned 17,287,081 shares of the company’s stock, valued at approximately $260,516,310.67. The trade was a 0.02% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric Venker sold 683,818 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $14.95, for a total transaction of $10,223,079.10. Following the completion of the sale, the chief executive officer owned 1,969,767 shares in the company, valued at $29,448,016.65. This represents a 25.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,686,749 shares of company stock worth $50,302,987. 10.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Roivant Sciences

A number of institutional investors have recently added to or reduced their stakes in ROIV. CWM LLC lifted its holdings in shares of Roivant Sciences by 44.6% during the 2nd quarter. CWM LLC now owns 2,984 shares of the company’s stock worth $34,000 after acquiring an additional 920 shares during the last quarter. Parallel Advisors LLC raised its position in Roivant Sciences by 80.5% during the first quarter. Parallel Advisors LLC now owns 2,485 shares of the company’s stock valued at $25,000 after purchasing an additional 1,108 shares in the last quarter. M&T Bank Corp lifted its stake in Roivant Sciences by 10.2% during the second quarter. M&T Bank Corp now owns 12,802 shares of the company’s stock worth $144,000 after purchasing an additional 1,181 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Roivant Sciences by 16.6% during the 3rd quarter. GAMMA Investing LLC now owns 9,302 shares of the company’s stock valued at $141,000 after purchasing an additional 1,324 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Roivant Sciences by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,110 shares of the company’s stock valued at $173,000 after buying an additional 1,434 shares in the last quarter. 64.76% of the stock is currently owned by 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.