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Should You Hold Immunovant (IMVT)?

Soumya Eswaran
·2 min read

Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund advanced 8.92% (Institutional Shares) in the quarter compared to an 8.52% gain for the Russell 3000 Health Care Index (benchmark) and a 10.56% increase for the S&P 500 Index. The fund rose 13.61% on an annualized basis since its inception on April 30, 2018, compared to an 11.45% gain for the benchmark and a 14.24% gain for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Health Care Fund featured stocks like Immunovant, Inc. (NASDAQ:IMVT) in the first quarter 2024 investor letter. Headquartered in New York, New York, Immunovant, Inc. (NASDAQ:IMVT) is a clinical-stage biopharmaceutical company. On April 23, 2024, Immunovant, Inc. (NASDAQ:IMVT) stock closed at $28.61 per share. One-month return of Immunovant, Inc. (NASDAQ:IMVT) was -12.02%, and its shares gained 77.81% of their value over the last 52 weeks. Immunovant, Inc. (NASDAQ:IMVT) has a market capitalization of $4.157 billion.

Baron Health Care Fund stated the following regarding Immunovant, Inc. (NASDAQ:IMVT) in its first quarter 2024 investor letter:

"Somewhat offsetting the above was adverse stock selection in biotechnology and health care supplies coupled with cash exposure amid favorable market conditions. Weakness in biotechnology was mainly due to disappointing performance from Rocket Pharmaceuticals, Inc. and Immunovant, Inc. (NASDAQ:IMVT), whose shares fell double digits in the period. Immunovant is focused on autoimmune disorders targeting the FcRn mechanism of action. A host of concerns weighed on Immunovant’s stock price, the most critical of which was competitor argenx SE’s failure in pemphigus vulgaris, which has raised questions about the addressable opportunity for the FcRn class. Overall, we continue to believe FcRn will command billions in revenue and that Immunovant has one of the two competitive offerings in the space. We are most optimistic about Immunovant’s development plans in Graves’ disease, a large commercial unmet need in which they currently have no competition."

A closeup of a scientist working with a microscope in a biotech laboratory.

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Immunovant, Inc. (NASDAQ:IMVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Immunovant, Inc. (NASDAQ:IMVT) was held by 55 hedge fund portfolios, compared to 38 in the previous quarter, according to our database.

We discussed Immunovant, Inc. (NASDAQ:IMVT) in another article where we shared the list of stocks billionaire Steve Cohen and insiders are buying. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.