What happened Shares of Roivant Sciences (NASDAQ: ROIV) were soaring 20.3% higher as of noon EDT on Tuesday. The nice gain came after three analysts initiated coverage on the stock. Cowen initiated coverage on Roivant with an outperform rating. Jefferies initiated coverage on the biotech stock with a buy rating and set a price target of $10. Truist Securities also initiated coverage on Roivant with a buy rating and set a price target of $15. So what Investors shouldn't make decisions about a stock solely because analysts like it. However, it can be helpful to understand what makes the stock so attractive to the analysts. In this case, the excitement focuses on Roivant's pipeline spread across a number of companies in which it owns significant stakes. Image source: Getty Images. Roivant awaits potential approval by the U.S. Food and Drug Administration (FDA) for Dermavant's tapinarof in treating plaque psoriasis. Dermavant is also evaluating the experimental drug in a phase 3 study for treating atopic dermatitis. In addition, Roivant's family of companies together has five candidates in phase 2 testing. These include Aruvant's ARU-1801 gene therapy targeting sickle cell disease, Dermavant's topical drug cerdulatinib in treating skin disease vitiligo, and three experimental biologic drugs developed by Immunovant. Now what Roivant could soon have more positive catalysts. The FDA approval decision on tapinarof as a treatment for plaque psoriasis is expected in the second quarter of 2022. Immunovant hopes to advance IMVT-1401 into phase 3 testing for treating autoimmune disorder myasthenia gravis early next year, as well. 10 stocks we like better than Roivant Sciences Ltd.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Roivant Sciences Ltd. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2021 Keith Speights has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Jefferies Financial Group Inc. The Motley Fool has a disclosure policy.Source