Roivant Sciences (ROIV)
Market Price (8/18/2026): $37.32 | Market Cap: $26.9 BilSector: Health Care | Industry: Biotechnology
Roivant Sciences (ROIV)
Market Price (8/18/2026): $37.32Market Cap: $26.9 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Stock buyback supportStock Buyback 3Y Total is 1.8 Bil Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Trading close to highsDist 52W High is -1.5%, Dist 3Y High is -1.5% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.4 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18146% Expensive valuation multiplesP/SPrice/Sales ratio is 3,468x Stock price has recently run up significantly12M Rtn12 month market price return is 206% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -68%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -43%, Rev Chg QQuarterly Revenue Change % is -34% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 4611% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10840%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10967% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5% Key risksROIV key risks include [1] its high-burn, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Stock buyback supportStock Buyback 3Y Total is 1.8 Bil |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Trading close to highsDist 52W High is -1.5%, Dist 3Y High is -1.5% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.4 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18146% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 3,468x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 206% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -68%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -43%, Rev Chg QQuarterly Revenue Change % is -34% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 4611% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10840%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10967% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5% |
| Key risksROIV key risks include [1] its high-burn, Show more. |
Qualitative Assessment
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Roivant Sciences (ROIV) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Substantial Patent Settlement Bolstered Cash Position.
Roivant Sciences significantly strengthened its balance sheet with a $950 million upfront payment received in July 2026 from Moderna, as part of a $2.25 billion patent infringement settlement between its Genevant and Arbutus subsidiaries and Moderna. This influx of capital contributed to Roivant ending fiscal Q1 2027 (which ended June 30, 2026) with $3.9 billion in cash, cash equivalents, restricted cash, and marketable securities, excluding the July payment, supporting its cash runway into profitability.
2. Imminent Commercial Launch of Brepocitinib and Advancing Pipeline Milestones.
The company is progressing towards the commercial launch of brepocitinib for dermatomyositis (DM) by the end of September 2026, falling within fiscal Q2 2027. Brepocitinib is positioned as the first modern targeted therapy to succeed in Phase 3 for DM. Roivant also initiated a Phase 3 study for brepocitinib in cutaneous sarcoidosis and reported strong enrollment in its lichen planopilaris program. Additionally, top-line data for brepocitinib in non-infectious uveitis is anticipated in the second half of calendar year 2026.
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Roivant Sciences (ROIV) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Substantial Patent Settlement Bolstered Cash Position.
Roivant Sciences significantly strengthened its balance sheet with a $950 million upfront payment received in July 2026 from Moderna, as part of a $2.25 billion patent infringement settlement between its Genevant and Arbutus subsidiaries and Moderna. This influx of capital contributed to Roivant ending fiscal Q1 2027 (which ended June 30, 2026) with $3.9 billion in cash, cash equivalents, restricted cash, and marketable securities, excluding the July payment, supporting its cash runway into profitability.
2. Imminent Commercial Launch of Brepocitinib and Advancing Pipeline Milestones.
The company is progressing towards the commercial launch of brepocitinib for dermatomyositis (DM) by the end of September 2026, falling within fiscal Q2 2027. Brepocitinib is positioned as the first modern targeted therapy to succeed in Phase 3 for DM. Roivant also initiated a Phase 3 study for brepocitinib in cutaneous sarcoidosis and reported strong enrollment in its lichen planopilaris program. Additionally, top-line data for brepocitinib in non-infectious uveitis is anticipated in the second half of calendar year 2026.
3. Execution of a Share Repurchase Program.
During fiscal Q1 2027 (ended June 30, 2026), Roivant repurchased approximately $200 million of its common stock. This share repurchase program is part of a broader capital return strategy, signaling confidence from management and potentially enhancing shareholder value.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Analysts maintained a strong positive outlook on Roivant Sciences, with several firms reiterating "Buy" ratings and increasing price targets. For instance, Guggenheim raised its price target from $36.00 to $42.00 on August 7, 2026, suggesting a potential upside of 16.33%. HC Wainwright also increased its price target from $34.00 to $41.00. The consensus analyst rating for the stock is a "Strong Buy," with an average price target of $38.91, indicating a 10.73% upside from the stock price on August 5, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 27.0% change in ROIV stock from 4/30/2026 to 8/17/2026 was primarily driven by a 132.2% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.53 | 36.24 | 27.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 8 | -43.4% |
| P/S Multiple | 1,493.7 | 3,468.0 | 132.2% |
| Shares Outstanding (Mil) | 697 | 721 | -3.3% |
| Cumulative Contribution | 27.0% |
Market Drivers
4/30/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ROIV | 27.0% | |
| Market (SPY) | 7.5% | 32.3% |
| Sector (XLV) | 14.4% | 1.7% |
Fundamental Drivers
The 67.6% change in ROIV stock from 1/31/2026 to 8/17/2026 was primarily driven by a 378.9% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.62 | 36.24 | 67.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20 | 8 | -62.9% |
| P/S Multiple | 724.2 | 3,468.0 | 378.9% |
| Shares Outstanding (Mil) | 681 | 721 | -5.5% |
| Cumulative Contribution | 67.6% |
Market Drivers
1/31/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ROIV | 67.6% | |
| Market (SPY) | 12.0% | 42.4% |
| Sector (XLV) | 8.4% | 22.6% |
Fundamental Drivers
The 219.0% change in ROIV stock from 7/31/2025 to 8/17/2026 was primarily driven by a 1153.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.36 | 36.24 | 219.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 8 | -74.1% |
| P/S Multiple | 276.7 | 3,468.0 | 1153.4% |
| Shares Outstanding (Mil) | 708 | 721 | -1.8% |
| Cumulative Contribution | 219.0% |
Market Drivers
7/31/2025 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ROIV | 219.0% | |
| Market (SPY) | 23.3% | 32.6% |
| Sector (XLV) | 29.7% | 24.8% |
Fundamental Drivers
The 202.5% change in ROIV stock from 7/31/2023 to 8/17/2026 was primarily driven by a 1130.1% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.98 | 36.24 | 202.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 32 | 8 | -76.1% |
| P/S Multiple | 281.9 | 3,468.0 | 1130.1% |
| Shares Outstanding (Mil) | 742 | 721 | 2.9% |
| Cumulative Contribution | 202.5% |
Market Drivers
7/31/2023 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ROIV | 202.5% | |
| Market (SPY) | 74.7% | 34.9% |
| Sector (XLV) | 30.4% | 30.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ROIV Return | -1% | -21% | 41% | 5% | 83% | 67% | 256% |
| Peers Return | -40% | -11% | 78% | 212% | 104% | 20% | 617% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| ROIV Win Rate | 50% | 33% | 67% | 58% | 67% | 62% | |
| Peers Win Rate | 40% | 45% | 53% | 55% | 62% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ROIV Max Drawdown | -45% | -72% | -36% | -16% | -25% | -13% | |
| Peers Max Drawdown | -65% | -57% | -54% | -40% | -31% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BBIO, INSM, ARQT, SMMT, RVMD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/17/2026 (YTD)
How Low Can It Go
| Event | ROIV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.9% | -18.8% |
| % Gain to Breakeven | 17.5% | 23.1% |
| Time to Breakeven | 15 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.9% | -9.5% |
| % Gain to Breakeven | 28.0% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.7% | -6.7% |
| % Gain to Breakeven | 17.2% | 7.1% |
| Time to Breakeven | 24 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.6% | -24.5% |
| % Gain to Breakeven | 252.7% | 32.4% |
| Time to Breakeven | 245 days | 427 days |
In The Past
Roivant Sciences's stock fell -14.9% during the 2025 US Tariff Shock. Such a loss loss requires a 17.5% gain to breakeven.
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| Event | ROIV | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.9% | -9.5% |
| % Gain to Breakeven | 28.0% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.6% | -24.5% |
| % Gain to Breakeven | 252.7% | 32.4% |
| Time to Breakeven | 245 days | 427 days |
In The Past
Roivant Sciences's stock fell -14.9% during the 2025 US Tariff Shock. Such a loss loss requires a 17.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Roivant Sciences (ROIV)
Roivant Sciences Ltd. is a biopharmaceutical and healthcare technology company primarily focused on the research and development of new medicines. Founded in 2014 and based in London, UK, the company's core business revolves around advancing a diverse portfolio of product candidates through clinical development to address significant unmet medical needs.
The company's main "products" are these drug candidates, which are designed to treat a broad spectrum of diseases. These include various solid tumors and oncologic malignancies, hematological disorders such as sickle cell disease and warm autoimmune hemolytic anemia, and rare conditions like hypophosphatasia. Roivant also develops therapies for dermatological issues including psoriasis, atopic dermatitis, vitiligo, hyperhidrosis, and acne, as well as autoimmune and inflammatory diseases such as myasthenia gravis, thyroid eye diseases, and sarcoidosis. Additionally, it targets infectious diseases like staph aureus bacteremia. Roivant's primary customers are patients suffering from these challenging conditions, with its market encompassing the global healthcare sector that demands innovative pharmaceutical solutions.
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Here are 1-3 brief analogies for Roivant Sciences (ROIV):
A diversified pharmaceutical R&D company, similar to a younger Pfizer or Merck focused on building a broad pipeline of new medicines.
The IAC of biotech, a company that creates and nurtures numerous specialized drug development subsidiaries ('Vants') for a wide array of diseases.
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- Oncology Treatments: Product candidates aimed at treating various forms of solid tumors and other oncologic malignancies.
- Sickle Cell Disease Treatments: Product candidates developed to address this inherited blood disorder.
- Hypophosphatasia Treatments: Product candidates for managing this rare metabolic bone disease.
- Dermatology Treatments: Product candidates targeting conditions such as psoriasis, atopic dermatitis, vitiligo, hyperhidrosis, and acne.
- Autoimmune and Inflammatory Disease Treatments: Product candidates for myasthenia gravis, warm autoimmune hemolytic anemia, thyroid eye diseases, and sarcoidosis.
- Anti-infectives: Product candidates aimed at combating bacterial infections, specifically *Staphylococcus aureus* bacteremia.
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Roivant Sciences (ROIV) is a biopharmaceutical company focused on researching and developing medicines. Given this business model, its primary customers are other pharmaceutical companies, rather than individual patients. Roivant generates revenue through licensing agreements, strategic partnerships, and the sale of its developed assets or subsidiaries (often referred to as "Vants") to larger pharmaceutical firms for further development, manufacturing, and commercialization.
Based on publicly available information and significant past transactions, major customers and partners of Roivant Sciences include:
- Pfizer Inc. (NYSE: PFE): In 2023, Pfizer acquired the commercialization rights to Roivant's investigational TL1A program (RVT-3101), now known as PF-07923984, for inflammatory bowel disease. This represented a significant transaction for Roivant.
- Sumitomo Pharma Co., Ltd. (TYO: 4506): Formerly Sumitomo Dainippon Pharma, this company made a substantial investment in Roivant in 2019, acquiring multiple Roivant subsidiaries (Vants) and an equity stake in Myovant Sciences, among other strategic arrangements.
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Matthew Gline, Chief Executive Officer
Mr. Gline serves as Chief Executive Officer of Roivant Sciences, having previously held the role of Chief Financial Officer. Prior to joining Roivant in March 2016, he was a Vice President at Goldman Sachs, focusing on technology and data strategy. He also co-founded Fourthree, a risk analytics technology and consulting company.
Richard Pulik, Chief Financial Officer
Mr. Pulik joined Roivant in September 2021, bringing over two decades of industry experience. Before Roivant, he was the Global Head of Business Development & Licensing and Portfolio Management, Oncology at Novartis. His earlier career includes senior roles in healthcare mergers and acquisitions and strategy at Bank of America Merrill Lynch, Monitor Group, and UBS.
Mayukh Sukhatme, MD, President and Chief Investment Officer
Dr. Sukhatme is President and Chief Investment Officer of Roivant, where he is responsible for identifying, evaluating, and developing strategies for new therapeutic programs. He also contributes to capital allocation decisions across Roivant's biopharmaceutical subsidiary companies. Dr. Sukhatme joined Roivant in 2015 and previously served as President of Roivant Pharma and Chief Business Officer.
Frank Torti, MD, Vant Chair
Dr. Torti serves as the Vant Chair at Roivant Sciences, overseeing the public and private biopharmaceutical companies ("Vants") within the Roivant family. He was the founding CEO & Chairman of Telavant, which was subsequently sold to Roche for $7.25 billion in December 2023. Before joining Roivant, Dr. Torti was a partner at New Enterprise Associates (NEA), a prominent venture capital firm.
Vivek Ramaswamy, Founder
Mr. Ramaswamy founded Roivant Sciences in 2014 and served as its chief executive officer until 2021. He spearheaded the company's strategy of acquiring and developing abandoned drug candidates, leading to multiple successful clinical trials and FDA-approved products. In 2019, he oversaw the sale of five of Roivant's "vants" (Myovant, Urovant, Enzyvant, Altavant, and Spirovant) to Sumitomo Dainippon for $3 billion, along with a 10% stake in Roivant. In 2022, he co-founded Strive Asset Management.
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Key Business Risks for Roivant Sciences (ROIV)
For Roivant Sciences (ROIV), a biopharmaceutical and healthcare technology company, key business risks primarily revolve around the inherent uncertainties of drug development, intense market competition, and challenges related to intellectual property and financial sustainability.
The most significant risk stems from the clinical development, regulatory, and commercialization process of its drug candidates. The success of Roivant Sciences is heavily dependent on its ability to successfully advance drugs like IMVT-1402, brepocitinib, batoclimab, and mosliciguat through various clinical trial phases. Clinical trials are inherently expensive, time-consuming, and subject to uncertain outcomes, with the constant possibility of failures due to inadequate efficacy or unexpected safety concerns. Even successful clinical trials do not guarantee regulatory approval, as agencies like the FDA may impose delays, reject applications, or restrict drug labels, impacting market potential. Furthermore, even post-approval, there are risks associated with manufacturing scale-up, market access, and securing favorable reimbursement from payers, all of which are critical for commercial success.
Secondly, Roivant Sciences faces intense competition within the highly competitive biopharmaceutical industry. The company operates in therapeutic areas where numerous established pharmaceutical giants and emerging biotechnology firms are vying for market share. This competition exists for its lead assets, such as IMVT-1402 (an FcRn inhibitor) and brepocitinib (a TYK2/JAK1 inhibitor), where rivals may develop more effective treatments, achieve faster regulatory approvals, or possess stronger commercial infrastructures. The competitive landscape could limit Roivant's ability to capture significant market share and achieve projected sales figures for its products.
Finally, intellectual property challenges and the company's financial sustainability represent substantial risks. Roivant, through its subsidiaries such as Genevant Sciences, is involved in significant patent litigation, including LNP (lipid nanoparticle) patent disputes against major pharmaceutical companies like Moderna and Pfizer/BioNTech. Adverse outcomes from such legal proceedings could lead to substantial financial liabilities and divert crucial management attention and resources. Additionally, Roivant Sciences has historically reported substantial operating losses, primarily driven by high research and development expenses. While the company has strengthened its financial position through strategic divestitures and maintains strong cash reserves, continued losses could impact investor confidence and necessitate future funding, posing a risk to its long-term profitability.
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- Solid Tumors (Oncologic Malignancies): The global solid tumor cancer treatment market was valued at approximately USD 232.2 billion in 2024 and is projected to reach USD 442.79 billion by 2029. North America accounted for 42.03% of the solid tumor therapeutics market share in 2025.
- Sickle Cell Disease: The global sickle cell disease treatment market was estimated at USD 3.94 billion in 2025 and is projected to reach USD 20.47 billion by 2034. The United States dominated this market with a share of 63.35% in 2025.
- Hypophosphatasia: The global hypophosphatasia treatment market was valued at USD 1.40 billion in 2025 and is expected to grow to USD 2.11 billion by 2035. The market size in the US was approximately USD 928.9 million in 2023.
- Psoriasis: The global psoriasis market size was valued at USD 31.68 billion in 2024 and is projected to reach USD 64.06 billion by 2032. The United States accounted for approximately 80% of the total market size in the 7 major markets (United States, EU4, UK, and Japan) in 2024.
- Atopic Dermatitis: The global atopic dermatitis drugs market size was estimated at USD 17.64 billion in 2024 and is projected to reach USD 29.88 billion by 2030. North America accounted for a 45.12% share of this market in 2024.
- Vitiligo: The global vitiligo treatment market size is expected to be USD 1.69 billion in 2026 and is forecast to reach USD 2.24 billion by 2031. North America captured 41.88% of the revenue in 2025.
- Hyperhidrosis: The global hyperhidrosis treatment market size was valued at USD 1.74 billion in 2024 and is anticipated to grow to USD 2.5 billion by 2033. The North America hyperhidrosis treatment market was valued at USD 280.7 million in 2023 and is anticipated to grow to USD 437.2 million by 2032.
- Acne: The global acne treatment market size was accounted for USD 10.45 billion in 2024 and is predicted to increase to approximately USD 16.91 billion by 2034. The North America market size surpassed USD 4.75 billion in 2024.
- Myasthenia Gravis: The global myasthenia gravis treatment market size was valued at USD 1.8 billion in 2024 and is projected to reach USD 3.8 billion by 2034. The U.S. myasthenia gravis treatment industry was valued at USD 733.3 million in 2024.
- Warm Autoimmune Hemolytic Anemia: The global Warm Autoimmune Hemolytic Anemia market is accounted for USD 842 million in 2025 and is expected to reach USD 2276 million by 2032. North America dominates the global market, accounting for approximately 40% of the total market share in 2024.
- Thyroid Eye Diseases: The global thyroid eye disease treatments market grew from USD 2.67 billion in 2024 to USD 2.83 billion in 2025, and is forecast to reach USD 4.29 billion by 2032. North America maintained a 46.25% revenue share in 2025.
- Sarcoidosis: The global sarcoidosis market size has grown from USD 34.37 billion in 2025 to USD 39.72 billion in 2026, and is projected to reach USD 69.92 billion in 2030. North America dominated the sarcoidosis drug market with a 49.5% revenue share in 2024.
- Staph aureus bacteremia: The global Staphylococcus aureus Bacteremia market was valued at USD 4.8 billion in 2024 and is projected to reach USD 8.3 billion by 2034. North America accounts for approximately 39% share in 2024.
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Expected Drivers of Future Revenue Growth for Roivant Sciences (ROIV)
Roivant Sciences (ROIV) is poised for future revenue growth over the next 2-3 years, driven by the expansion of its approved product, key pipeline advancements, and anticipated new product launches.
- Growth in VTAMA-related Revenue: Although Dermavant, the developer of VTAMA (tapinarof) cream, was acquired by Organon, Roivant Sciences retains rights to significant milestone payments upon regulatory approval of VTAMA for atopic dermatitis, as well as tiered royalties on its net sales. The FDA accepted the supplemental New Drug Application (sNDA) for VTAMA for the treatment of atopic dermatitis in adults and children aged 2 years and older, with a Prescription Drug User Fee Act (PDUFA) action date expected in the fourth quarter of calendar year 2024. This potential approval could lead to a four-fold market expansion for VTAMA. Continued prescription growth for VTAMA in psoriasis, with expanding U.S. commercial lives coverage, also contributes to Roivant's royalty revenue stream.
- Commercialization of Brepocitinib: Roivant anticipates a New Drug Application (NDA) filing for brepocitinib in dermatomyositis (DM) in early calendar year 2026, with a commercial launch projected for early calendar year 2027. Brepocitinib is highlighted as a significant potential first-in-class commercial launch. Additionally, brepocitinib is progressing in other indications, with topline data from the Phase 3 trial in non-infectious uveitis (NIU) expected in the second half of calendar year 2026, and a Phase 3 trial in cutaneous sarcoidosis (CS) expected to initiate in 2026 following positive Phase 2 results.
- Advancement and Potential Launch of IMVT-1402: Immunovant, a Roivant subsidiary, is developing IMVT-1402, a next-generation FcRn inhibitor. Funding has been secured to extend Immunovant's cash runway to support the launch of IMVT-1402 in Graves' disease. Furthermore, topline data from the potentially registrational trial for IMVT-1402 in difficult-to-treat rheumatoid arthritis (D2T RA) is expected in calendar year 2026. This asset has potential across multiple IgG-mediated autoimmune indications.
- Progression of Mosliciguat for Pulmonary Hypertension-Interstitial Lung Disease (PH-ILD): Roivant's pipeline includes mosliciguat, an inhaled sGC activator. Topline data from the Phase 2b study of mosliciguat in PH-ILD is anticipated in the second half of calendar year 2026. Successful clinical development and subsequent regulatory approval could introduce a new revenue-generating product for Roivant.
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Share Repurchases
- Roivant Sciences' board of directors approved a $1 billion share repurchase program in March 2026, which is inclusive of a $500 million authorization from June 2025.
- As of March 31, 2025, Roivant repurchased $1.3 billion of its shares, leading to a 14% reduction in outstanding shares compared to March 31, 2024.
- In May 2024, the company completed the repurchase of Sumitomo Pharma's entire stake for approximately $648.4 million.
Share Issuance
- In September 2023, Roivant offered 19,600,685 common shares, generating estimated net proceeds of approximately $200.1 million.
Inbound Investments
- Roivant's subsidiary, Genevant, and Arbutus Biopharma reached a $2.25 billion settlement with Moderna for patent infringement. This agreement includes a $950 million upfront payment expected in July 2026 and a potential $1.3 billion contingent on a favorable appellate ruling.
- Roivant-led Immunovant financing generated gross proceeds of approximately $550 million, which extended Immunovant's cash runway.
Outbound Investments
- In February 2021, Roivant acquired Silicon Therapeutics, a small-molecule drug designer, for $450 million in Roivant equity.
Capital Expenditures
- Roivant Sciences reported capital expenditures of $17 million in 2023 and $13 million in 2024.
- In 2025, capital expenditures were reported as -$106 million.
- Capital expenditures for Q4 2026 were -$11.9 million.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 7.5% | 77.6% | 177.9% | CAH 410% · MCK 342% · SNYR 244% |
| Health Care Services | 20 | 20.1% | 40.4% | 12.0% | HIMS 288% · RDNT 143% · DGX 74% |
| Managed Health Care | 8 | 34.9% | -5.2% | 2.2% | OSCR 144% · HQY 63% · ELV 13% |
| Health Care Facilities | 24 | 8.7% | -3.0% | -15.8% | THC 279% · NHC 256% · ENSG 130% |
| Health Care Equipment | 51 | -3.4% | -8.2% | -19.3% | POCI 10350% · UFPT 410% · GKOS 289% |
| Health Care Supplies | 12 | 37.6% | -12.7% | -25.6% | LNTH 313% · HAE 54% · MMSI 34% |
| Pharmaceuticals | 63 | 1.7% | -5.3% | -31.8% | LQDA 3059% · INDV 1430% · ETON 1313% |
| Life Sciences Tools & Services | 108 | -7.2% | -33.8% | -71.2% | SNWV 1924% · ELMD 257% · MEDP 237% |
| Health Care Technology | 20 | -27.4% | -53.3% | -73.9% | SPOK 138% · HSTM -4% · VEEV -25% |
| Biotechnology ← | 365 | 7.7% | -26.8% | -78.4% | BRTX 109900% · DNTH 1765% · CELZ 1471% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 58.06 |
| Mkt Cap | 20.9 |
| Rev LTM | 236 |
| Op Inc LTM | -844 |
| FCF LTM | -634 |
| FCF 3Y Avg | -632 |
| CFO LTM | -619 |
| CFO 3Y Avg | -617 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 130.9% |
| Rev Chg 3Y Avg | 239.6% |
| Rev Chg Q | 89.9% |
| QoQ Delta Rev Chg LTM | 17.3% |
| Op Inc Chg LTM | -1.4% |
| Op Inc Chg 3Y Avg | -15.4% |
| Op Mgn LTM | -69.2% |
| Op Mgn 3Y Avg | -178.5% |
| QoQ Delta Op Mgn LTM | 13.3% |
| CFO/Rev LTM | -64.7% |
| CFO/Rev 3Y Avg | -163.9% |
| FCF/Rev LTM | -66.2% |
| FCF/Rev 3Y Avg | -167.5% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Discovery, development and commercialization of medicines and technologies | 8 | 29 | 33 | 32 | |
| Single Segment | 55 | ||||
| Total | 8 | 29 | 33 | 32 | 55 |
| $ Mil | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Discovery, development and commercialization of medicines and technologies | -300 | -172 | 4,349 | -1,115 |
| Total | -300 | -172 | 4,349 | -1,115 |
Price Behavior
| Market Price | $36.24 | |
| Market Cap ($ Bil) | 26.0 | |
| First Trading Date | 12/08/2020 | |
| Distance from 52W High | -1.5% | |
| 50 Days | 200 Days | |
| DMA Price | $33.31 | $27.27 |
| DMA Trend | up | up |
| Distance from DMA | 8.8% | 32.9% |
| 3M | 1YR | |
| Volatility | 46.1% | 42.5% |
| Downside Capture | 6.10 | 22.87 |
| Upside Capture | 110.41 | 146.81 |
| Correlation (SPY) | 33.4% | 32.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.35 | 0.85 | 1.06 | 1.52 | 1.07 | 0.93 |
| Up Beta | 3.71 | 2.55 | 3.35 | 3.09 | 2.33 | 1.02 |
| Down Beta | 0.61 | 1.11 | 0.83 | 0.61 | 0.45 | 0.57 |
| Up Capture | 55% | 68% | 80% | 185% | 182% | 156% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 23 | 32 | 63 | 132 | 372 |
| Down Capture | 121% | -14% | 7% | 84% | 30% | 99% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 20 | 31 | 62 | 118 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ROIV | |
|---|---|---|---|---|
| ROIV | 209.8% | 42.4% | 2.77 | - |
| Sector ETF (XLV) | 26.4% | 15.5% | 1.31 | 24.4% |
| Equity (SPY) | 20.9% | 12.8% | 1.21 | 32.4% |
| Gold (GLD) | 32.1% | 28.5% | 0.97 | 19.7% |
| Commodities (DBC) | 40.1% | 20.2% | 1.55 | -14.1% |
| Real Estate (VNQ) | 14.2% | 13.9% | 0.72 | 18.7% |
| Bitcoin (BTCUSD) | -46.9% | 42.7% | -1.37 | 34.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ROIV | |
|---|---|---|---|---|
| ROIV | 30.2% | 59.1% | 0.67 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 23.2% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 27.2% |
| Gold (GLD) | 20.2% | 18.5% | 0.89 | 8.2% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 0.8% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 22.1% |
| Bitcoin (BTCUSD) | 6.3% | 52.7% | 0.31 | 15.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ROIV | |
|---|---|---|---|---|
| ROIV | 13.5% | 55.6% | 0.61 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 22.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 26.5% |
| Gold (GLD) | 12.3% | 16.2% | 0.62 | 8.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 0.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 21.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 13.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 1.5% | 4.5% | |
| 5/20/2026 | 14.9% | 4.9% | 11.4% |
| 4/2/2026 | 1.8% | 2.3% | -0.0% |
| 2/6/2026 | 22.1% | 26.5% | 39.7% |
| 11/10/2025 | 2.7% | -1.6% | -1.8% |
| 8/11/2025 | -2.8% | 3.1% | 17.3% |
| 5/29/2025 | 6.4% | 5.6% | 7.3% |
| 2/10/2025 | -0.9% | -3.0% | -3.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 9 |
| # Negative | 8 | 9 | 12 |
| Median Positive | 2.7% | 4.9% | 17.5% |
| Median Negative | -2.1% | -3.2% | -2.7% |
| Max Positive | 22.1% | 26.5% | 39.7% |
| Max Negative | -3.8% | -15.3% | -39.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 1.5% | 4.5% | |
| 5/20/2026 | 14.9% | 4.9% | 11.4% |
| 4/2/2026 | 1.8% | 2.3% | -0.0% |
| 2/6/2026 | 22.1% | 26.5% | 39.7% |
| 11/10/2025 | 2.7% | -1.6% | -1.8% |
| 8/11/2025 | -2.8% | 3.1% | 17.3% |
| 5/29/2025 | 6.4% | 5.6% | 7.3% |
| 2/10/2025 | -0.9% | -3.0% | -3.1% |
| 11/12/2024 | -1.4% | -5.5% | 2.5% |
| 8/8/2024 | 6.7% | 12.4% | 20.9% |
| 5/30/2024 | -3.2% | 1.4% | -1.5% |
| 2/13/2024 | -0.6% | 6.2% | -2.3% |
| 11/13/2023 | 2.7% | 1.8% | 17.5% |
| 8/14/2023 | 1.2% | -6.1% | -3.0% |
| 6/28/2023 | 11.3% | 17.5% | 19.3% |
| 2/13/2023 | 1.8% | 8.2% | -0.1% |
| 11/14/2022 | 2.5% | -3.1% | 34.9% |
| 8/15/2022 | -2.7% | -15.3% | -13.7% |
| 6/28/2022 | 0.4% | -0.9% | -10.5% |
| 2/14/2022 | 5.1% | -3.2% | -24.2% |
| 11/15/2021 | -3.8% | -4.8% | -0.5% |
| 9/21/2021 | -0.1% | 4.2% | -39.9% |
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 9 |
| # Negative | 8 | 9 | 12 |
| Median Positive | 2.7% | 4.9% | 17.5% |
| Median Negative | -2.1% | -3.2% | -2.7% |
| Max Positive | 22.1% | 26.5% | 39.7% |
| Max Negative | -3.8% | -15.3% | -39.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/20/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/30/2024 | 10-K |
| 12/31/2023 | 02/13/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 06/28/2023 | 10-K |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/20/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/30/2024 | 10-K |
| 12/31/2023 | 02/13/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 06/28/2023 | 10-K |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 06/28/2022 | 10-K |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 09/21/2021 | 10-Q |
Insider Activity
Updated 7/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 7292026 | 34.95 | 200,000 | 6,990,000 | 56,376,552 | Form |
| 2 | Fitzgerald, Meghan | Direct | Sell | 7022026 | 34.90 | 10,000 | 349,000 | 1,499,409 | Form | |
| 3 | Epperly, Melissa B, | Direct | Sell | 7012026 | 34.38 | 17,750 | 610,252 | 566,382 | Form | |
| 4 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 35.28 | 12,380 | 436,766 | 482,953,776 | Form | |
| 5 | Manchester, Keith S | Direct | Sell | 6302026 | 35.45 | 200,000 | 7,090,000 | 61,980,886 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 7292026 | 34.95 | 200,000 | 6,990,000 | 56,376,552 | Form |
| 2 | Fitzgerald, Meghan | Direct | Sell | 7022026 | 34.90 | 10,000 | 349,000 | 1,499,409 | Form | |
| 3 | Epperly, Melissa B, | Direct | Sell | 7012026 | 34.38 | 17,750 | 610,252 | 566,382 | Form | |
| 4 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 35.28 | 12,380 | 436,766 | 482,953,776 | Form | |
| 5 | Manchester, Keith S | Direct | Sell | 6302026 | 35.45 | 200,000 | 7,090,000 | 61,980,886 | Form | |
| 6 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 35.28 | 12,380 | 436,766 | 482,953,776 | Form | |
| 7 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 35.28 | 12,380 | 436,766 | 482,953,776 | Form | |
| 8 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 34.55 | 800,000 | 27,642,000 | 473,422,668 | Form | |
| 9 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 34.55 | 800,000 | 27,642,000 | 473,422,668 | Form | |
| 10 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 34.55 | 800,000 | 27,642,000 | 473,422,668 | Form | |
| 11 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 34.00 | 625,783 | 21,275,309 | 493,022,146 | Form | |
| 12 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 34.00 | 625,783 | 21,275,309 | 493,022,146 | Form | |
| 13 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 6302026 | 34.00 | 625,783 | 21,275,309 | 493,022,146 | Form | |
| 14 | Sukhatme, Mayukh | President & CIO | Direct | Sell | 6292026 | 34.08 | 500,000 | 17,040,000 | 636,533,187 | Form |
| 15 | Sukhatme, Mayukh | President & CIO | Direct | Sell | 6292026 | 34.13 | 500,000 | 17,065,000 | 637,467,068 | Form |
| 16 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 6262026 | 33.16 | 200,000 | 6,631,268 | 53,483,262 | Form |
| 17 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 5222026 | 30.27 | 200,000 | 6,054,000 | 48,827,417 | Form |
| 18 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 4222026 | 29.59 | 200,000 | 5,918,000 | 48,750,886 | Form |
| 19 | Gline, Matthew | CEO | Direct | Sell | 4202026 | 29.16 | 289,774 | 8,449,810 | 488,025,143 | Form |
| 20 | Humes, Jennifer | Chief Accounting Officer | Direct | Sell | 4102026 | 28.37 | 13,538 | 384,073 | 2,388,499 | Form |
| 21 | Fitzgerald, Meghan | Direct | Sell | 3302026 | 27.45 | 70,000 | 1,921,500 | 1,179,334 | Form | |
| 22 | Epperly, Melissa B, | Direct | Sell | 3182026 | 28.68 | 41,861 | 1,200,573 | 453,259 | Form | |
| 23 | Torti, Frank | President and Vant Chair | Direct | Sell | 2232026 | 27.51 | 587,390 | 16,159,099 | 377,892,408 | Form |
| 24 | Torti, Frank | President and Vant Chair | Direct | Sell | 2232026 | 27.15 | 1,012,610 | 27,492,362 | 372,947,251 | Form |
| 25 | Torti, Frank | President and Vant Chair | Direct | Sell | 2232026 | 27.42 | 1,400,000 | 38,388,000 | 376,656,119 | Form |
| 26 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 2182026 | 26.49 | 200,000 | 5,298,000 | 43,830,275 | Form |
| 27 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.50 | 375,784 | 9,956,768 | 400,813,520 | Form | |
| 28 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.50 | 375,784 | 9,956,768 | 400,813,520 | Form | |
| 29 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.50 | 375,784 | 9,956,768 | 400,813,520 | Form | |
| 30 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.75 | 425,000 | 11,367,000 | 414,644,436 | Form | |
| 31 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.75 | 425,000 | 11,367,000 | 414,644,436 | Form | |
| 32 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.75 | 425,000 | 11,367,000 | 414,644,436 | Form | |
| 33 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.67 | 425,000 | 11,334,750 | 424,802,774 | Form | |
| 34 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.67 | 425,000 | 11,334,750 | 424,802,774 | Form | |
| 35 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 2132026 | 26.67 | 425,000 | 11,334,750 | 424,802,774 | Form | |
| 36 | Sukhatme, Mayukh | President & CIO | Direct | Sell | 2112026 | 26.47 | 339,441 | 8,985,003 | 506,865,136 | Form |
| 37 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 1142026 | 21.92 | 200,000 | 4,384,000 | 36,268,766 | Form |
| 38 | Sukhatme, Mayukh | President & CIO | Direct | Sell | 12312025 | 21.71 | 1,018,995 | 22,122,381 | 440,005,884 | Form |
| 39 | Sukhatme, Mayukh | President & CIO | Direct | Sell | 12312025 | 21.74 | 311,873 | 6,780,119 | 418,995,716 | Form |
| 40 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 12292025 | 22.53 | 75,000 | 1,689,750 | 37,278,070 | Form |
| 41 | Pulik, Richard | CFO | Direct | Sell | 12292025 | 22.43 | 406,731 | 9,122,307 | 5,369,640 | Form |
| 42 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 12292025 | 22.45 | 200,000 | 4,490,000 | 36,183,765 | Form |
| 43 | Sukhatme, Mayukh | President & CIO | Direct | Sell | 12192025 | 23.09 | 26,831 | 619,528 | 435,690,498 | Form |
| 44 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 12182025 | 23.07 | 777,332 | 17,935,595 | 377,319,871 | Form | |
| 45 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 12182025 | 23.07 | 777,332 | 17,935,595 | 377,319,871 | Form | |
| 46 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 12182025 | 23.07 | 777,332 | 17,935,595 | 377,319,871 | Form | |
| 47 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 12182025 | 23.04 | 917,282 | 21,129,619 | 394,600,318 | Form | |
| 48 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 12182025 | 23.04 | 917,282 | 21,129,619 | 394,600,318 | Form | |
| 49 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 12182025 | 23.04 | 917,282 | 21,129,619 | 394,600,318 | Form | |
| 50 | Gline, Matthew | CEO | Direct | Sell | 12172025 | 21.68 | 1,740,000 | 37,723,200 | 374,864,978 | Form |
| 51 | Ramaswamy, Vivek | Direct | Sell | 12152025 | 22.05 | 353,745 | 7,800,077 | 752,620,809 | Form | |
| 52 | Ramaswamy, Vivek | Direct | Sell | 12152025 | 21.96 | 1,975,858 | 43,389,842 | 798,259,637 | Form | |
| 53 | Ramaswamy, Vivek | Direct | Sell | 12152025 | 21.64 | 774,142 | 16,752,433 | 751,974,960 | Form | |
| 54 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 12112025 | 20.85 | 200,000 | 4,170,000 | 31,231,382 | Form |
| 55 | Manchester, Keith S | Held by QVT Financial Investment Cayman Ltd. | Sell | 11212025 | 20.23 | 1,300,000 | 26,304,500 | 365,181,873 | Form | |
| 56 | Gold, Daniel Allen | Held by QVT Financial Investment Cayman Ltd. | Sell | 11212025 | 20.23 | 1,300,000 | 26,304,500 | 365,181,873 | Form | |
| 57 | Qvt, Financial LP | Held by QVT Financial Investment Cayman Ltd. | Sell | 11212025 | 20.23 | 1,300,000 | 26,304,500 | 365,181,873 | Form | |
| 58 | Ramaswamy, Vivek | Direct | Sell | 11172025 | 20.51 | 539,650 | 11,068,222 | 690,238,536 | Form | |
| 59 | Ramaswamy, Vivek | Direct | Sell | 11172025 | 20.33 | 1,027,670 | 20,892,531 | 695,151,944 | Form | |
| 60 | Ramaswamy, Vivek | Direct | Sell | 11172025 | 20.81 | 287,283 | 5,978,359 | 732,950,592 | Form | |
| 61 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 11072025 | 20.22 | 200,000 | 4,044,000 | 30,430,271 | Form |
| 62 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10172025 | 17.06 | 118,418 | 2,020,211 | 25,674,601 | Form |
| 63 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10172025 | 17.05 | 318,282 | 5,426,708 | 25,659,551 | Form |
| 64 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10172025 | 16.93 | 414,683 | 7,020,583 | 25,478,956 | Form |
| 65 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10142025 | 16.25 | 20,727 | 336,814 | 24,455,584 | Form |
| 66 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10142025 | 16.30 | 104,940 | 1,710,522 | 24,530,832 | Form |
| 67 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10082025 | 16.20 | 138,602 | 2,245,352 | 24,380,336 | Form |
| 68 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10082025 | 16.15 | 355,161 | 5,735,850 | 24,305,088 | Form |
| 69 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 10082025 | 16.34 | 171,396 | 2,800,611 | 24,591,030 | Form |
| 70 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 9232025 | 14.83 | 611,000 | 9,061,130 | 22,318,542 | Form |
| 71 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 9232025 | 14.99 | 416,182 | 6,240,568 | 31,728,394 | Form |
| 72 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 9232025 | 14.95 | 683,818 | 10,223,079 | 29,448,017 | Form |
| 73 | Gline, Matthew | CEO | Direct | Buy | 9182025 | 15.07 | 3,315 | 49,957 | 260,516,311 | Form |
| 74 | Ramaswamy, Vivek | Direct | Sell | 9052025 | 12.96 | 385,816 | 5,000,175 | 460,188,333 | Form | |
| 75 | Ramaswamy, Vivek | Direct | Sell | 9052025 | 12.92 | 194,933 | 2,518,534 | 463,752,741 | Form | |
| 76 | Ramaswamy, Vivek | Direct | Sell | 9052025 | 12.50 | 1,195,000 | 14,937,500 | 451,113,850 | Form | |
| 77 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 8222025 | 11.72 | 100,000 | 1,172,000 | 19,380,016 | Form |
| 78 | Venker, Eric | President & Immunovant CEO | Direct | Sell | 7232025 | 11.52 | 100,000 | 1,152,000 | 16,844,809 | Form |
Investor Activity (13F)
Updated Aug 18, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| QVT Financial LP | $697.0 Mil | 55.1% | 67 | Hold | 13F |
| Patient Square Capital LP | $226.2 Mil | 40.1% | 29 | Hold | 13F |
| BlackBarn Capital Partners LP | $63.3 Mil | 19.0% | 14 | TRIM -25.9% | 13F |
| Whitefort Capital Management, LP | $39.3 Mil | 12.0% | 19 | TRIM -33.1% | 13F |
| Two Seas Capital LP | $258.4 Mil | 11.9% | 35 | Hold | 13F |
| Davern Capital Partners, LP | $24.2 Mil | 6.6% | 17 | TRIM -15.1% | 13F |
| Darwin Global Management, Ltd. | $179.5 Mil | 4.8% | 6 | New | 13F |
| First Turn Management, LLC | $33.0 Mil | 3.7% | 33 | Hold | 13F |
| Cormorant Asset Management, LP | $20.8 Mil | 1.0% | 46 | New | 13F |
| SB Investment Advisers (UK) LTD | $74.0 Mil | 1.0% | 10 | TRIM -83.7% | 13F |
| Consolidated Portfolio Review Corp | $7.7 Mil | 0.7% | 34 | Hold | 13F |
| Pine Ridge Advisers LLC | $7.7 Mil | 0.5% | 39 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| QVT Financial LP | $697.0 Mil | 55.1% | 67 | Hold | 13F |
| Two Seas Capital LP | $258.4 Mil | 11.9% | 35 | Hold | 13F |
| Patient Square Capital LP | $226.2 Mil | 40.1% | 29 | Hold | 13F |
| Darwin Global Management, Ltd. | $179.5 Mil | 4.8% | 6 | New | 13F |
| SB Investment Advisers (UK) LTD | $74.0 Mil | 1.0% | 10 | TRIM -83.7% | 13F |
| BlackBarn Capital Partners LP | $63.3 Mil | 19.0% | 14 | TRIM -25.9% | 13F |
| Whitefort Capital Management, LP | $39.3 Mil | 12.0% | 19 | TRIM -33.1% | 13F |
| First Turn Management, LLC | $33.0 Mil | 3.7% | 33 | Hold | 13F |
| Davern Capital Partners, LP | $24.2 Mil | 6.6% | 17 | TRIM -15.1% | 13F |
| Cormorant Asset Management, LP | $20.8 Mil | 1.0% | 46 | New | 13F |
| Consolidated Portfolio Review Corp | $7.7 Mil | 0.7% | 34 | Hold | 13F |
| Pine Ridge Advisers LLC | $7.7 Mil | 0.5% | 39 | Hold | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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