In this piece, we will take a look at the five biotechnology stocks to buy today according to Kerr Neilson’s Platinum Asset Management. If you want details about the hedge fund and more stocks, then head on over to 10 Biotech Stocks to Buy Today According to Kerr Neilson’s Platinum Asset Management.
5. Icosavax, Inc. (NASDAQ:ICVX)
Platinum Asset Management’s Stake Value: $18.6 million
Percentage of Platinum Asset Management’s 13F Portfolio: 0.51%
Number of Hedge Fund Holders: 10
Icosavax, Inc. (NASDAQ:ICVX) is a biotechnology company that is headquartered in Seattle, Washington, United States. It focuses its efforts on developing treatments for infectious diseases. These include respiratory viruses such as the SARS COV-2. Its SARS COV-2 drug is currently under clinical trials.
Mr. Neilson’s hedge fund owned 816,366 Icosavax, Inc. (NASDAQ:ICVX) shares by the end of the fourth quarter of last year. These were worth $18.6 million and represented 0.51% of the firm’s investment portfolio. During the same time period, 10 out of the 924 hedge funds polled by Insider Monkey had also invested in the company.
Icosavax, Inc. (NASDAQ:ICVX) brought in $2 million in revenue and -$0.46 in GAAP EPS for its fiscal fourth quarter, for a mixed bag of results that saw it beat revenue but miss EPS estimates. Evercore ISI slashed the company’s share price target to $10 from $50 in March 2022 after the company’s vaccine failed to meet expectations.
Icosavax, Inc. (NASDAQ:ICVX)’s largest investor is Peter Kolchinsky’s RA Capital Management which owns 5.7 million shares worth $132 million.
4. Prometheus Biosciences, Inc. (NASDAQ:RXDX)
Platinum Asset Management’s Stake Value: $20.6 million
Percentage of Platinum Asset Management’s 13F Portfolio: 0.57%
Number of Hedge Fund Holders: 13
Prometheus Biosciences, Inc. (NASDAQ:RXDX) is a biopharmaceutical firm that is involved in the discovery and development of treatments for inflammatory bowel diseases. These diseases include ulcerative colitis, interstitial lung disease, and other diseases.
Prometheus Biosciences, Inc. (NASDAQ:RXDX) reported $90 million in net loss for its latest fiscal year alongside cash and cash equivalents that were worth $257 million for the 12 months ending in December 2021. Wells Fargo raised the company’s price target to $53 from $42 in March 2022 as it stated that proficient management execution and optimistic expectations from a colitis drug were positives for the company.
Platinum Asset Management held 521,529 Prometheus Biosciences, Inc. (NASDAQ:RXDX) during Q4 2021 for a $20.6 million stake that represented 0.57% of its investment portfolio. 13 of the 924 hedge funds surveyed by Insider Monkey for the same time period had invested in the firm.
Joseph Edelman’s Perceptive Advisors is Prometheus Biosciences, Inc. (NASDAQ:RXDX) ‘s largest investor through a $125 million stake that comes via 3 million shares.
3. IDEAYA Biosciences, Inc. (NASDAQ:IDYA)
Platinum Asset Management’s Stake Value: $20.8 million
Percentage of Platinum Asset Management’s 13F Portfolio: 0.57%
Number of Hedge Fund Holders: 14
IDEAYA Biosciences, Inc. (NASDAQ:IDYA) is a cancer treatment developer and provider that is headquartered in San Francisco. California, United States. The company’s treatments target several different kinds of cancers such as those resulting from genetic mutations or specific molecular signatures.
By the end of the fourth quarter of last year, Platinum Asset Management owned a $20.8 million stake in IDEAYA Biosciences, Inc. (NASDAQ:IDYA). This came in the form of 881,085 shares and it represented 0.57% of the firm’s investment portfolio. Insider Monkey’s Q4 2021 survey of 924 hedge funds revealed that 14 had invested in the firm.
For its fiscal fourth quarter, IDEAYA Biosciences, Inc. (NASDAQ:IDYA) revealed that it had earned $2.96 million in revenue and -$0.47 in GAAP EPS, in a weak set of results that saw it miss analyst estimates for both metrics. Stifel lowered its price target to $17 from $20 in March 2022, outlining that a lower probability of success for a cancer treatment influenced the decision.
IDEAYA Biosciences, Inc. (NASDAQ:IDYA)’s largest investor is David Witzke and Michael Gregory’s Avidity Partners Management which owns 2.5 million shares worth $60 million.
2. Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)
Platinum Asset Management’s Stake Value: $24.7 million
Percentage of Platinum Asset Management’s 13F Portfolio: 0.68%
Number of Hedge Fund Holders: 14
Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) is an all purpose company that combines various disciplines such as biology, chemistry, data analytics, and others to create treatments for diseases such as colitis, ovarian cancer, gangliosidosis, lung cancers, and more.
Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) reported -$0.38 in GAAP EPS for its fourth fiscal quarter alongside revenue of $2.55 million. Following the earnings results, BofA slashed its stock rating to Neutral from Buy and kept a $10 price target for the company.
Mr. Neilson’s hedge fund had owned 1.4 million Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) shares during the three months ending in December 2021. Insider Monkey’s fourth quarter of 2021 survey of 924 hedge funds listed down 14 as having bought a stake in the company.
Benjamin A. Smith’s Laurion Capital Management is Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)’s largest investor. It owns a $67 million stake that comes via 3.9 million shares.
1. Gilead Sciences, Inc. (NASDAQ:GILD)
Platinum Asset Management’s Stake Value: $81 million
Percentage of Platinum Asset Management’s 13F Portfolio: 2.26%
Number of Hedge Fund Holders: 54
Gilead Sciences, Inc. (NASDAQ:GILD) is a biotechnology company headquartered in Foster City, California. The company develops treatments for several diseases such as HIV/AIDS, COVID-19, and liver diseases.
For its Q4 2021 portfolio, Platinum Asset Management owned 1.1 million Gilead Sciences, Inc. (NASDAQ:GILD) shares that were worth $81 million and represented 2.26% of its investment portfolio. For the same time period, 54 of the 924 hedge funds polled by Insider Monkey had invested in the firm.
By the end of its fiscal Q4, Gilead Sciences, Inc. (NASDAQ:GILD) had earned $7.2 billion in revenue and $0.26 in non-GAAP EPS, beating analyst estimates for a strong set of results. Piper Sandler increased the company’s price target to $72 from $71 in April 2022, as it highlighted that cautious optimism due to the FDA lifting its hold for a drug, which could translate into gains.
Gilead Sciences, Inc. (NASDAQ:GILD)’s largest investor is John Allison’s Unio Capital which owns 138,307 shares worth $782 million.
ClearBridge Investments mentioned the company in its fourth quarter 2021 investor letter. Here is what the fund said:
“Other pharma companies are providing solutions as well. Biopharmaceutical company Gilead Sciences’ remdesivir, sold under the brand name Veklury, is a broad-spectrum antiviral medication administered by intravenous infusion; it can shorten the time to recovery in hospitalized patients and reduce the risk of hospitalization and death in non-hospitalized patients.”
Disclosure: None. You can also take a peek at the 10 Cryptocurrencies to Watch Amid Russia’s Attack on Ukraine and 15 Best Warren Buffett Stocks to Buy Now.
