Goldman Sachs has raised its 12-month price objective for Roivant Sciences (NASDAQ:ROIV) to $38.00 from $36.00 while keeping a Buy recommendation on the shares. The new target sits at the upper range of analyst expectations as the stock trades at $27.67, very close to its 52-week high of $27.72.
Roivant’s shares have posted strong recent performance, returning 25.94% over the last week and 156.44% over the prior 12 months. Goldman frames the company as entering the early phase of a multi-year sequence of clinical catalysts that could re-cast the company as a mid-cap biotech growth story.
Central to Goldman’s outlook is the concentration of remaining clinical milestones in 2026. The firm notes that four of Roivant’s five remaining clinical catalysts are set for 2026 and that, if realized, these events could collectively unlock more than approximately $10 billion in unadjusted peak sales.
Goldman singles out mosliciguat - the company’s program in pulmonary hypertension associated with interstitial lung disease (PH-ILD) - as a potentially underappreciated asset. The bank highlights a Phase 2 proof-of-concept readout expected in the second half of 2026 and models $2.6 billion in peak sales for mosliciguat, applying a 40% probability of success.
In its assessment of mosliciguat, Goldman cites the drug’s differentiated mechanism of action for the high-oxidative-stress environment characteristic of PH-ILD, supporting evidence from early hemodynamic data, and a once-daily dosing profile. The bank also points to a favorable tolerability profile that avoids the pronounced cough observed with Tyvaso, framing tolerability as a potential clinical advantage in a population with significant unmet needs.
Goldman’s scenario analysis outlines potential valuation movements: under bull and intermediate cases the firm sees 5%-13% upside to its current 12-month price target, which it translates into a 44%-55% upside relative to the present share price. Conversely, a bear case centered on clinical failure would trigger program discontinuation and an estimated 8% decline to the company’s overall valuation.
Financially, InvestingPro data cited by the bank indicates Roivant has a market capitalization of $19.8 billion. The same data set suggests analysts expect sales to decline in the current year. Roivant’s balance sheet is reported to carry more cash than debt, with liquid assets exceeding short-term obligations, offering a degree of financial flexibility. At the same time, the company is not profitable, registering a diluted EPS of -$1.17 over the last twelve months.
Outside the valuation and pipeline discussion, Roivant recently reported Q3 2026 results that included a larger-than-expected loss and a material revenue shortfall. Despite those headline figures, the company’s stock experienced a notable pre-market uptick, market observers attribute the move to Roivant’s cash position and continued progress across its drug programs.
Brokerage coverage has shown parallel adjustments to sentiment: Citi raised its price target on Roivant to $35 from $26 and maintained a Buy rating - a 35% upward revision from its prior valuation.
Taken together, these developments underline a mixed profile for Roivant: uneven near-term financial results alongside optimistic forecasts tied to upcoming clinical readouts and a cash cushion that supports ongoing development activity.
Additional context and where to find more
InvestingPro is cited as the source for market-cap and balance-sheet snapshot details and notes that a comprehensive Pro Research Report on Roivant is available within its coverage universe of more than 1,400 US equities.