Roivant Sciences (NASDAQ: ROIV) stock is gaining attention as it joins the S&P MidCap 400 index.
S&P Global has announced a significant reshuffling within the S&P MidCap 400 and S&P SmallCap 600 indices. Roivant (ROIV) will replace Sunrun (NASDAQ: RUN) in the S&P MidCap 400, while Sunrun will take the place of PGT Innovations (NYSE: PGTI) in the S&P SmallCap 600. These changes will take effect before the opening of trading on Monday, April 1.
The reshuffling comes amidst corporate developments, including MITER Brands’ acquisition of PGT Innovations, a transaction expected to be finalized by March 28, pending final conditions.
Roivant’s ascension to the S&P MidCap 400 index comes after the bullish sentiment from prominent financial institutions. Last month, Goldman Sachs revised its price target for ROIV stock to $16.00, up from the previous $13.00, while maintaining a Buy rating. Similarly, in February, Wolfe Research initiated coverage of Roivant Sciences with an Outperform rating and a price target of $17.00.
Wolfe Research highlighted Roivant’s impressive performance over the past year, fueled by the sale of Televant to Roche, and emphasized the company’s robust financial position. With nearly $7 billion in cash reserves and minimal debt, Roivant is positioned favorably in the market.
Wolfe Research pointed out that Roivant’s stock is currently trading at a negative enterprise value (EV) of approximately $1 billion, excluding its 57% stake in Immunovant (NASDAQ: IMVT). This valuation implies a level of downside protection for investors, according to the firm.
Roivant (NASDAQ: ROIV) Stock Performance
ROIV stock declined 2.77% to close at $10.54 on Thursday. The traders had exchanged hands with 65,648,432 (65.64 million) shares compared to the average daily trading volume of 6.68 million.
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