Roivant Sciences Hits 52-Week High; Analysts Adjust Ratings

Shares of Roivant Sciences Ltd. (NASDAQ: ROIV) reached a new 52-week high on November 17, 2023, trading at a peak of $21.40 before closing at $21.1550. This represents a significant milestone for the biopharmaceutical company, which has seen increased interest from investors. The trading volume for the day was reported at 1,946 shares, with the stock having previously closed at $21.18.

Analysts Update Ratings and Price Targets

Recent evaluations from several equities analysts have shed light on Roivant’s market performance. Wall Street Zen upgraded the company’s rating from “strong sell” to “hold” in a report published on November 16. Following this, HC Wainwright raised their target price from $18.00 to $20.00 while assigning a “buy” rating on September 18. At the same time, The Goldman Sachs Group increased their price target from $20.00 to $24.00, also giving Roivant a “buy” rating.

Furthermore, Bank of America adjusted its price objective from $12.00 to $16.50 and maintained a “neutral” rating. In contrast, Leerink Partners reaffirmed an “outperform” rating with a price target of $29.00. Currently, one analyst has rated the stock as a Strong Buy, while seven have given it a Buy rating, and two have assigned a Hold rating. According to data from MarketBeat, Roivant Sciences has an average rating of “Moderate Buy” with a target price of $22.56.

Insider Trading Activity

In a notable development, major shareholder Vivek Ramaswamy sold 539,650 shares on November 17 for an average price of $20.51, totaling approximately $11,068,221.50. This transaction reduced Ramaswamy’s holdings to 33,653,756 shares, valued at around $690,238,535.56, marking a 1.58% decrease in his stake. The sale was formally disclosed in a filing with the Securities and Exchange Commission.

Additionally, CEO Eric Venker sold 200,000 shares on November 7 at an average price of $20.22, which amounted to $4,044,000.00. After this transaction, Venker’s ownership dropped to 1,504,959 shares, valued at approximately $30,430,270.98. Over the past 90 days, insiders have collectively sold 6,707,812 shares, valued at $121,101,540. Currently, insiders hold 10.80% of the company’s stock.

Institutional investors have also shown significant activity in Roivant Sciences. Jones Financial Companies Lllp increased its holdings by 226.0%, acquiring 1,656 shares worth $25,000. Similarly, Allworth Financial LP raised its stake by 48.1%, owning 1,795 shares valued at $27,000. Other firms like Bessemer Group Inc. and CWM LLC have also boosted their positions, indicating a growing institutional interest in the company.

As of now, institutional investors collectively own 64.76% of Roivant Sciences, reflecting confidence in its potential for growth.

Roivant Sciences Ltd. is a commercial-stage biopharmaceutical company focused on developing and commercializing medicines in the fields of inflammation and immunology. The company employs a unique model, termed “Vants,” to advance its drug development efforts, targeting both established and emerging biopharmaceutical ventures.

Investors and analysts alike will continue to observe Roivant’s performance closely as it navigates the complexities of the biopharmaceutical landscape.