Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund outperformed the Russell 2000 Growth Index. The Information Technology and Healthcare sectors contributed to the fund’s relative performance in the quarter, while Consumer Discretionary and Communications services detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Small Cap Growth Fund highlighted stocks like Immunovant, Inc. (NASDAQ:IMVT) in the third quarter 2023 investor letter. Headquartered in New York, New York, Immunovant, Inc. (NASDAQ:IMVT) is a clinical-stage biopharmaceutical company. On November 30, 2023, Immunovant, Inc. (NASDAQ:IMVT) stock closed at $39.13 per share. One-month return of Immunovant, Inc. (NASDAQ:IMVT) was 18.25%, and its shares gained 182.12% of their value over the last 52 weeks. Immunovant, Inc. (NASDAQ:IMVT) has a market capitalization of $5.661 billion.
Alger Small Cap Growth Fund made the following comment about Immunovant, Inc. (NASDAQ:IMVT) in its Q3 2023 investor letter:
“Immunovant, Inc. (NASDAQ:IMVT) is a clinical-stage biopharmaceutical company which develops monoclonal antibodies for the treatment of autoimmune diseases. The company’s lead asset, IMVT-1402 is a next-generation antibody drug that has the potential to offer best-in-class efficacy and safety profiles, in our view. Moreover, we believe the drug has the potential to offer the flexibility to address both acute and chronic diseases, pursuing an approximate $30 billion total addressable market in autoimmune conditions. During the quarter, shares contributed to performance as Phase 1 clinical trial data for IMVT-1402 demonstrated best-in-class efficacy and favorable safety. We believe these attributes, combined with a convenient route of administration that may enable patient self-administration, positions IMVT-1402 as a potential treatment for a variety of autoimmune diseases.”
A medical scientist in a laboratory, hard at work creating a new drug for autoimmune diseases.
Immunovant, Inc. (NASDAQ:IMVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Immunovant, Inc. (NASDAQ:IMVT) at the end of third quarter which was 31 in the previous quarter.
We discussed Immunovant, Inc. (NASDAQ:IMVT) in another article and shared the list of best-performing stocks in the last 12 months. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
