Roivant Sciences (NASDAQ:ROIV) Share Price Breaks Above 50-Day Moving Average on Insider Selling

Roivant Sciences Ltd. (NASDAQ:ROIV) shares crossed above its 50-day moving average during trading on Friday after an insider bought additional shares in the company. The stock has a 50-day moving average of $36.69 and traded as high as $39.08. Roivant Sciences shares last traded at $38.88, with a volume of 12,265,134 shares changing hands.

Analysts Set New Price Targets

ROIV has been the topic of a number of recent research reports. Citigroup boosted their price target on shares of Roivant Sciences from $46.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, October 28th. Bank of America reissued a “neutral” rating on shares of Roivant Sciences in a research note on Friday, July 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Roivant Sciences in a report on Thursday, September 24th. HC Wainwright raised their target price on Roivant Sciences from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. Finally, Jefferies Financial Group lifted their target price on shares of Roivant Sciences from $42.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $46.55.

Roivant Sciences Trading Up 6.2%

The firm has a market capitalization of $28.08 billion, a price-to-earnings ratio of -73.36 and a beta of 1.23. The stock’s fifty day moving average price is $36.69 and its two-hundred day moving average price is $31.80.

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

Hedge Funds Weigh In On Roivant Sciences

Several institutional investors and hedge funds have recently made changes to their positions in ROIV. Assenagon Asset Management S.A. raised its position in shares of Roivant Sciences by 18.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,362,952 shares of the company’s stock valued at $295,965,000 after acquiring an additional 1,286,464 shares in the last quarter. Perceptive Advisors LLC lifted its position in Roivant Sciences by 3.8% in the first quarter. Perceptive Advisors LLC now owns 8,285,461 shares of the company’s stock worth $229,507,000 after purchasing an additional 300,000 shares during the period. Pictet Asset Management Holding SA boosted its stake in Roivant Sciences by 20.3% during the third quarter. Pictet Asset Management Holding SA now owns 4,173,123 shares of the company’s stock valued at $152,597,000 after buying an additional 704,783 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Roivant Sciences by 8.0% in the 1st quarter. Bank of America Corp DE now owns 3,163,821 shares of the company’s stock worth $87,638,000 after acquiring an additional 235,493 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in Roivant Sciences by 6.1% during the 1st quarter. Janus Henderson Group PLC now owns 3,095,448 shares of the company’s stock valued at $85,790,000 after purchasing an additional 177,339 shares during the period. 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.