5 Cheap Biotech Stocks Smart Investors Are Piling Into

In this piece, we will take a look at five cheap biotechnology stocks that smart investors are piling into. If you want to learn why the current economic environment is rather crucial for biotech stocks, then check out 12 Cheap Biotech Stocks Smart Investors Are Piling Into.

5. Incyte Corporation (NASDAQ:INCY)

Number of Hedge Fund Investors In Q2 2023: 37

P/E Ratio: 35.13

Incyte Corporation (NASDAQ:INCY) is a sizeable biotechnology company that develops treatments for tumors, cancers, and other diseases. The firm’s shares were in trouble in September, after a rival drug developed by the pharma giant GSK secured the FDA’s approval.

Insider Monkey’s Q2 2023 survey of 910 hedge funds revealed that 27 were Incyte Corporation (NASDAQ:INCY)’s investors. Out of these, the largest shareholder is Julian Baker and Felix Baker’s Baker Bros. Advisors since it owns 36 million shares that are worth $2.2 billion.

4. Novo Nordisk A/S (NYSE:NVO)

Number of Hedge Fund Investors In Q2 2023: 43

P/E Ratio: 44.13

Novo Nordisk A/S (NYSE:NVO) is a global pharmaceutical giant with close to sixty thousand employees. While the firm’s famous weight loss drug Ozempic is quite popular among users, it is also generating worries from Walmart about its ability to reduce food sales at the world’s largest retailer.

After digging through 910 hedge funds for their second quarter of 2023 shareholdings, Insider Monkey discovered that 43 had bought the firm’s shares. Novo Nordisk A/S (NYSE:NVO)’s biggest hedge fund investor is Jim Simons’ Renaissance Technologies due to its $1.5 billion stake.

3. United Therapeutics Corporation (NASDAQ:UTHR)

Number of Hedge Fund Investors In Q2 2023: 45

P/E Ratio: 13.13

United Therapeutics Corporation (NASDAQ:UTHR) is a Maryland based firm that focuses on treatments and aids for lung capacity and lung diseases. The firm has beaten analyst EPS estimates in three of its four latest quarters and the stock is rated Buy on average.

During this year’s June quarter, 45 out of the 910 hedge funds tracked by Insider Monkey were United Therapeutics Corporation (NASDAQ:UTHR)’s shareholders. Out of these, Kurt Von Emster’s VenBio Select Advisor owns the largest stake which is worth $642 million.

2. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Number of Hedge Fund Investors In Q2 2023: 54

P/E Ratio: 27.34

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) provides drugs and medicines for different diseases such as cystic fibrosis and heart problems. It is currently expanding its diabetes treatment portfolio, as it has teamed with another biotechnology company to use stem cells to make diabetes medicine.

By the end of 2023’s second quarter, 54 out of the 910 hedge funds part of Insider Monkey’s research had bought the firm’s shares. Jim Simons’ Renaissance Technologies is the biggest hedge fund investor in our database since it owns $447 million worth of shares.

1. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)

Number of Hedge Fund Investors In Q2 2023: 56

P/E Ratio: 22.27

Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is a large biotechnology company that develops treatments for diabetes, eye diseases, cancer, and other diseases. The firm expanded its research and development portfolio in August as it enlarged its partnership with a gene editing firm to develop treatments for muscular problems.

Insider Monkey’s Q2 2023 survey covering 910 hedge funds revealed that 56 had held a stake in Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN). Out of these, John Overdeck and David Siegel’s Two Sigma Advisors holds the largest stake that comes via 229,300 shares and is worth $216 million.

Disclosure: None. You can also take a look at Top 15 Cloud Computing Companies in the World and 11 Most Undervalued Biotech Stocks to Buy According to Analysts.

Follow Insider Monkey on Twitter