SFTBY - Roivant at three-month low as Softbank sells $96M shares
2023-03-23 14:17:31 ET
- Shares of biotech firm Roivant Sciences ( NASDAQ: ROIV ) lost ~6% on Thursday to reach the lowest level since December after SoftBank Vision Fund, one of its major institutional investors, sold $96M worth of company shares.
- SVF, the flagship investment arm of Japan-based multinational SoftBank Group Corp. ( OTCPK:SFTBF ) ( OTCPK:SFTBY ), disclosed the sale in a regulatory filing on Wednesday.
- With Monday’s transaction, SVF has cut its stake in Roivant ( ROIV ) by ~13% to ~83.0M shares selling 12.0M ROIV stock at $8.00 apiece.
- The sale comes barely a month after the company announced that its founder Vivek Ramaswamy stepped down from its board of directors to focus on his U.S. presidential run.
- In January 2021, he handed his leadership role at Roivant ( ROIV ) to current chief executive Matt Gline.
- Read: Seeking Alpha contributor Out of Ignorance issued a Hold rating on ROIV early this month, citing a “ complicating” financial setup.
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Roivant at three-month low as Softbank sells $96M shares