Roivant Sciences (NASDAQ:ROIV) Shares Gap Up – What’s Next?

Roivant Sciences Ltd. (NASDAQ:ROIV)’s share price gapped up before the market opened on Wednesday. The stock had previously closed at $34.92, but opened at $38.15. Roivant Sciences shares last traded at $37.2320, with a volume of 3,777,833 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Guggenheim lifted their price target on Roivant Sciences from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Wednesday, September 9th. Cantor Fitzgerald reissued an “overweight” rating on shares of Roivant Sciences in a research report on Thursday, September 24th. TD Cowen increased their target price on Roivant Sciences from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Roivant Sciences in a research report on Wednesday, August 19th. Finally, Jefferies Financial Group raised their target price on shares of Roivant Sciences from $42.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.64.

Roivant Sciences Price Performance

The firm has a market capitalization of $26.85 billion, a P/E ratio of -69.85 and a beta of 1.10. The stock has a fifty day moving average of $36.58 and a 200 day moving average of $33.20.

Roivant Sciences (NASDAQ:ROIV) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.04. Roivant Sciences had a negative net margin of 3,534.96% and a negative return on equity of 22.94%. The firm had revenue of $1.44 million during the quarter, compared to the consensus estimate of $2.06 million. Equities analysts forecast that Roivant Sciences Ltd. will post -2.00 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric Venker sold 200,000 shares of Roivant Sciences stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $36.62, for a total transaction of $7,324,000.00. Following the completion of the sale, the chief executive officer directly owned 1,599,154 shares in the company, valued at approximately $58,561,019.48. The trade was a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Melissa B. Epperly sold 17,750 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $36.10, for a total value of $640,775.00. Following the completion of the sale, the director directly owned 14,954 shares in the company, valued at approximately $539,839.40. The trade was a 54.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,622,688 shares of company stock valued at $58,826,636. Corporate insiders own 8.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in Roivant Sciences by 179.0% in the second quarter. Wellington Management Group LLP now owns 2,687,870 shares of the company’s stock valued at $95,124,000 after purchasing an additional 1,724,588 shares during the period. Maverick Capital Ltd. acquired a new stake in shares of Roivant Sciences in the first quarter valued at about $45,066,000. Assenagon Asset Management S.A. increased its position in shares of Roivant Sciences by 18.2% in the second quarter. Assenagon Asset Management S.A. now owns 8,362,952 shares of the company’s stock valued at $295,965,000 after buying an additional 1,286,464 shares in the last quarter. Affinity Asset Advisors LLC lifted its stake in shares of Roivant Sciences by 64.7% during the 1st quarter. Affinity Asset Advisors LLC now owns 2,800,000 shares of the company’s stock worth $77,560,000 after purchasing an additional 1,100,000 shares during the period. Finally, California Public Employees Retirement System acquired a new position in Roivant Sciences in the first quarter valued at $19,154,000. 64.76% of the stock is currently owned by hedge funds and other institutional investors.

Roivant Sciences Company Profile

Roivant Sciences Ltd. (NASDAQ: ROIV) is a biopharmaceutical company focused on discovering, developing and commercializing medicines. The company organizes its activities through subsidiaries and partner companies, often referred to as “Vants,” which specialize in particular therapeutic areas and stages of drug development.

Roivant’s research and development activities have included immunology, dermatology, women’s health, rare diseases and other specialty-care fields. Its portfolio has included Vtama (tapinarof) cream, a nonsteroidal topical treatment approved in the United States for plaque psoriasis and atopic dermatitis.