Billionaire Steve Cohen and Insiders are Buying These 5 Stocks

3. Immunovant Inc (NASDAQ:IMVT)

Steve Cohen’s Stake: $112,355,781

Roivant Sciences Ltd., which has a director and 10% stake owner status at Immunovant Inc (NASDAQ:IMVT), on October 2 bought 1,526,316 Immunovant Inc (NASDAQ:IMVT) shares at $38 per share. Since then through March 12 the stock has lost about 10% in value.

Baron Health Care Fund stated the following regarding 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.”