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Third-quarter earnings season has only just begun and Morgan Stanley's pessimistic market strategist Mike Wilson is already labelling it a disappointment.
October has typically been a solid month for stocks. CRISPR Therapeutics, DraftKings, and Roivant Sciences are three growth stocks that screen as top buys right now.
Roivant Sciences Ltd. (ROIV) saw its shares surge in the last session with trading volume being higher than average.
Roivant shares finished more than 20% higher on Tuesday after Immunovant, in which Roivant holds a 56.5% stake, released positive data from an early-stage study of its key asset IMVT-1402, a FcRn inhibitor being developed to treat a range of autoimmune diseases. Analysts at Jefferies raised their price target on Roivant stock following Immunovant's data release from $14 to $16 and awarded it a 'Buy' rating.
There was a bumper boost for stock in two Nasdaq-listed biotechs premarket after an experimental antibody treatment was revealed to have blockbuster potential. Shares of Immunovant surged 59% after the company revealed encouraging data from an early-stage study of its key asset, IMVT-1402, being developed to treat a host of autoimmune diseases.
Markets moved lower on Tuesday, giving up some gains from Monday. Immunovant released positive trial data that sent its shares soaring.
Roivant Sciences (NASDAQ: ROIV) stock price has entered a major bull run as investors remain optimistic about the company's future. The shares surged to a high of $12.67 on Friday, reaching its highest level since December 2021.
Roivant Sciences Ltd. (NASDAQ:ROIV ) Q1 2023 Earnings Conference Call August 14, 2023 8:00 AM ET Company Participants Stephanie Lee - Vice President, Special Projects Matthew Gline - Chief Executive Officer Mayukh Sukhatme - President and Chief Investment Officer Conference Call Participants Brian Chen - JPMorgan David Risinger - Leerink Robyn Karnauskas - Truist Securities Louise Chen - Cantor Dennis Ding - Jefferies Yaron Werber - Cowen Douglas Tsao - H.C.
Roivant Sciences shares traded modestly higher after the inflammation and immunology-focused biopharmaceutical company reported fiscal first quarter financial results that fell short of expectations for both earnings and sales. For the three months ended June 30, 2023, the company reported a loss per share of $0.38, $0.10 lower than the Street estimate of a loss per share of $0.28.
With everyone being an expert these days, the concept of top analyst biotech picks might seem suspect at first glance. While we depend on Wall Street's spectrum of expert guidance to establish a frame of reference, they can get some calls embarrassingly wrong.