UPDATE: Goldman Sachs Starts Roivant Sciences (ROIV) at Buy
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Goldman Sachs analyst Corinne Jenkins initiates coverage on Roivant Sciences (NASDAQ: ROIV) with a Buy rating and a price target of $15.00.
The analyst comments "We initiate ROIV with a Buy rating and 12-month price target of $15 (82% upside potential). ROIV is a clinical-stage company employing a hub-and-spoke approach to drug development wherein clinical assets are housed under distinct subsidiaries that are separately responsible for development and commercialization. We see considerable discovery value embedded in the ROIV subsidiaries, which we anticipate will be unlocked by key clinical and regulatory catalysts in the near-term. First up is the tapinarof PDUFA (2Q22) and launch in psoraisis, where we see the product profile driving significant market adoption, followed by Phase 3 data from the same asset in atopic dermatitis where we highlight physician awareness and enthusiasm following prior Phase 2 results. Several other agents currently in Phase 1/2 studies (e.g. ARU-1801, namilumab, batoclimab) will come to the forefront as they enter late-stage clinical development and underpin the next leg of growth for the stock. Separately, ROIV recently built through acquisition two discovery platforms focused at the intersection of protein degradation and computational/AI-enabled drug discovery. We expect these platforms (Roivant Discovery and Proteovant/VantAI) to drive long-term value for the company as agents enter the clinic and provide proof-of-concept for the platforms, with the first (ARD-1671) set to enter Phase 1 study in 2022."
Shares of Roivant Sciences closed at $8.36 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesGoldman Sachs, Definitive Agreement, PDUFA
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