7 Best Mid-Cap Healthcare Stocks To Buy Now

2. Roivant Sciences Ltd. (NASDAQ:ROIV)

Number of Hedge Fund Holders: 54

Roivant Sciences Ltd. (NASDAQ:ROIV) is a UK-based commercial-stage biopharmaceutical company that develops and commercializes medicines for inflammation and immunology areas.

On May 10, Piper Sandler analyst Allison Bratzel maintained a Buy rating on Roivant Sciences Ltd. (NASDAQ:ROIV) and set a price target of $20.00. The stock has a consensus Buy rating among 10 analysts, and its average price target of $17.43 implies an upside of 58.74% from the last price of $10.98, as of May 24.

54 hedge funds held stakes in Roivant Sciences Ltd. (NASDAQ:ROIV) in the first quarter, with positions worth $2.558 billion. As of March 31, Viking Global is the most dominant shareholder in the company and has a position worth $731.15 million.

Greenlight Capital stated the following regarding Roivant Sciences Ltd. (NASDAQ:ROIV) in its first quarter 2024 investor letter:

“We established a small long position in Roivant Sciences Ltd. (NASDAQ:ROIV). ROIV is a biotech company focused primarily on inflammation and immunology therapies. In addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets. The market currently believes core ROIV is effectively worthless, as the company has a market capitalization of about $9 billion, but holds over $6 billion of net cash and a $2.6 billion stake in its publicly traded subsidiary, Immunovant (IMVT). We believe there are several valuable assets inside the company, notably a broad patent estate around lipid nanoparticles used in COVID vaccines for which Moderna and Pfizer may owe ROIV several billion dollars in royalties, a potential multi-billion-dollar specialty autoimmune disease drug that recently passed its 7th successful Phase 2 trial and a novel topical agent to treat skin conditions such as psoriasis and atopic dermatitis. Additionally, we believe there are several other promising earlier stage assets inside ROIV. Lastly, the management team continues to find new opportunities to in-license from larger pharmaceutical companies. ROIV recently announced a $1.5 billion share repurchase program. We acquired our shares at an average price of $10.96. ROIV ended the quarter at $10.54.”