5 Best Biotech Stocks to Buy According to Alan Frazier

4. Immunovant, Inc. (NASDAQ: IMVT)

Frazier’s Stake Value: $8,148,000
Percentage of Alan Frazier’s 13F Portfolio: 0.65%
Number of Hedge Fund Holders: 26

Immunovant, Inc. (NASDAQ: IMVT) is a biopharma company that develops monoclonal antibodies to treat chronic diseases. The company was founded in 2018 and stands fourth on the list of 10 best biotech stocks to buy according to Alan Frazier. The company has a $1.06 billion market capitalization.

On June 1, Immunovant, Inc. (NASDAQ: IMVT) posted earnings results for the first three months of 2021. The earnings per share was -$0.29, beating market predictions by $0.04. The company also announced that it is planning to restart clinical development of IMVT-1401 in Myasthenia Gravis and a phase two study in Warm Autoimmune Hemolytic Anemia in late 2021 or early 2022.

The stock is a new arrival on Alan Frazier’s portfolio, as his hedge fund bought about 508,000 shares of Immunovant, Inc. (NASDAQ: IMVT), worth $8.15 million. Out of the hedge funds being tracked by Insider Monkey, Biotechnology Value Fund / BVF Inc is the biggest stakeholder of the company with 1.14 million shares, worth $18.35 million.