5 Oversold Healthcare Stocks To Buy Right Now

In this article, we will be taking a look at 5 oversold healthcare stocks to buy right now. To read our detailed analysis of the healthcare sector, you can go directly to see the 11 Oversold Healthcare Stocks To Buy Right Now.

5. Immunovant, Inc. (NASDAQ:IMVT)

Number of Hedge Fund Holders: 55

14-day RSI as of March 12: 28.56

Immunovant, Inc. (NASDAQ:IMVT) is a biotech company based in New York. It develops monoclonal antibodies to treat autoimmune diseases.

JPMorgan analysts initiated coverage on Immunovant, Inc. (NASDAQ:IMVT) with an Overweight rating and a $51 price target on February 20.

A total of 55 hedge funds were long Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, with a total stake value of $913.8 million.

Baron Funds mentioned Immunovant, Inc. (NASDAQ:IMVT) in its fourth-quarter 2023 investor letter:

“We initiated a position in Immunovant, Inc. (NASDAQ:IMVT), a clinical-stage biotechnology company developing therapies for autoimmune diseases. During the quarter, the company announced data from a Phase 1 clinical trial of IMVT-1402, an FcRn inhibitor that has broad potential applicability to multiple autoimmune diseases. The data showed that IMVT-1402 delivered dose dependent and deep reductions in disease-causing auto-antibodies with minimal changes in albumin and low-density lipoprotein cholesterol. The company’s first generation FcRn inhibitor has shown strong efficacy but there have been questions about the safety profile of the drug. This promising data makes Immunovant a real competitor in the FcRn inhibitor drug class, though Immunovant is behind argenx in terms of timing. We think both companies can be successful given the broad array of autoimmune diseases that can potentially be treated with a safe and effective FcRn inhibitor.”