Why Roivant Sciences Stock Is Soaring Today
Shares of Roivant Sciences (NASDAQ: ROIV) were soaring 20.3% higher as of noon EDT on Tuesday. The nice gain came after three analysts initiated coverage on the stock.
Cowen initiated coverage on Roivant with an outperform rating. Jefferies initiated coverage on the biotech stock with a buy rating and set a price target of $10. Truist Securities also initiated coverage on Roivant with a buy rating and set a price target of $15.
Investors shouldn't make decisions about a stock solely because analysts like it. However, it can be helpful to understand what makes the stock so attractive to the analysts. In this case, the excitement focuses on Roivant's pipeline spread across a number of companies in which it owns significant stakes.
Source Fool.com
