In this article, we will take a look at some important pharma stock picks of Steven Boyd’s Armistice Capital. To read our analysis of Steven Boyd’s profile, investment strategy, and 13F holdings, you can go to the 10 Best Pharmaceutical Stocks to Buy According to Steven Boyd’s Armistice Capital.
5. Neurocrine Biosciences, Inc. (NASDAQ:NBIX)
Armistice Capital’s Stake Value: $129,064,000
Percentage of Armistice Capital’s 13F Portfolio: 2.25%
Number of Hedge Fund Holders: 39
Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is a biopharmaceutical company dedicated to discovering and developing treatments for neurological, neuroendocrine, and neuropsychiatric disorders. Its portfolio includes FDA-approved treatments for tardive dyskinesia, Parkinson’s disease, endometriosis, and uterine fibroids, as well as clinical programs for multiple therapies.
As of Q2 2022, Steven Boyd’s Armistice Capital holds 1,324,000 shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX), accounting for 2.25% of the 13F portfolio of the hedge fund. The hedge fund increased its stake by 104% in Q2 2022, as compared to the previous quarter.
On September 26, Wells Fargo analyst Mohit Bansal initiated coverage of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares with a price target of $110 and an ‘Equal Weight’ rating on the shares.
As of Q2 2022, 39 of the 895 hedge funds tracked by Insider Monkey owned shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX), valued at $1.3 billion. Deerfield Management is its largest shareholder with ownership of 2 million shares valued at $196 million.
4. PTC Therapeutics, Inc. (NASDAQ:PTCT)
Armistice Capital’s Stake Value: $132,038,000
Percentage of Armistice Capital’s 13F Portfolio: 2.30%
Number of Hedge Fund Holders: 22
PTC Therapeutics, Inc. (NASDAQ:PTCT) is a biopharmaceutical company focused on discovering, developing & commercializing medicine for patients with rare disease. Its portfolio of approved therapies is led by EMFLAZA, approved in the US for treatment of Duchenne muscular dystrophy, and EVRYSDI, designed to treat spinal muscular atrophy.
Armistice Capital owns 3,296,000 shares of PTC Therapeutics, Inc. (NASDAQ:PTCT), accounting for 2.30% of its 13F portfolio. The hedge fund increased its stake by 9% in Q2 2022, as compared to the previous quarter.
As of Q2 2022, 22 of the 895 hedge funds tracked by Insider Monkey owned shares of PTC Therapeutics, Inc. (NASDAQ:PTCT), valued at $323 million. Camber Capital Management was its second largest hedge fund shareholder after Armistice Capital, with ownership of 2.5 million shares valued at $98 million.
3. Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN)
Armistice Capital’s Stake Value: $136,271,000
Percentage of Armistice Capital’s 13F Portfolio: 2.37%
Number of Hedge Fund Holders: 19
Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) is a pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. It markets several therapies for CNS diseases, including Qelbree for treatment of ADHD, Trokendi XR and Oxtellar XR for treatment of epilepsy, among others.
As of Q2 2022, Steven Boyd’s Armistice Capital holds 4,712,000 shares of Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN), accounting for 2.37% of the hedge fund’s 13F portfolio. The hedge fund increased its stake by 52% in Q2 2022, as compared to the previous quarter.
In April, Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) had announced that it had received FDA approval for Qelbree for the treatment of ADHD in adult patients aged 18 and older, making it the first novel, nonstimulant option for adults with ADHD in the last 20 years.
On August 31, Piper Sandler analyst David Amsellem raised the price target on Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) shares to $38 from $33 and maintained an ‘Overweight’ rating on the shares. The increase in price target stemmed from prescription growth of Qelbree in ADHD treatment in the latest quarter.
As of Q2 2022, 19 of the 895 hedge funds tracked by Insider Monkey held Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) shares, valued at a combined total of $247 million. Armistice Capital is its largest shareholder.
2. Mirati Therapeutics, Inc. (NASDAQ:MRTX)
Armistice Capital’s Stake Value: $137,482,000
Percentage of Armistice Capital’s 13F Portfolio: 2.39%
Number of Hedge Fund Holders: 40
Mirati Therapeutics, Inc. (NASDAQ:MRTX) is a clinical-stage biotechnology company focused on discovery, design, and delivery of breakthrough therapies for cancer patients, including lung cancer, and a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer.
In September, Mirati Therapeutics, Inc. (NASDAQ:MRTX) announced results from a multicohort Phase 1/2 study evaluating adagrasib in patients with advanced colorectal cancer harboring a KRASG12C mutation. The results demonstrated promising clinical efficacy and favorable tolerability.
On September 26, JPMorgan analyst Anupam Rama lowered the price target on Mirati Therapeutics, Inc. (NASDAQ:MRTX) shares to $94 from $109 and maintained an ‘Overweight’ rating on the shares. The analyst sees “the updated KRYSTAL-7 results, expected in Q4, as having the potential to set adagrasib apart with a meaningful first-mover advantage and potential to drive 25%-40% upside in the shares.”
As of Q2 2022, 40 hedge funds owned shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX), valued at $1.2 billion. VenBio Select Advisor is its largest shareholder with ownership of 5.6 million shares valued at $373 million.
1. Incyte Corporation (NASDAQ:INCY)
Armistice Capital’s Stake Value: $151,940,000
Percentage of Armistice Capital’s 13F Portfolio: 2.65%
Number of Hedge Fund Holders: 29
Wilmington, Delaware-based Incyte Corporation (NASDAQ:INCY) is global biopharmaceutical company focused on the discovery, development, and commercialization of novel medicines across Oncology and Inflammation & Autoimmunity.
Steven Boyd’s Armistice Capital holds 2,000,000 shares of Incyte Corporation (NASDAQ:INCY), accounting for 2.65% of its 13F portfolio, as of Q2 2022.
On August 26, Incyte Corporation (NASDAQ:INCY) announced that it had received FDA approval for Pemazyre for the treatment of adults with relapsed or refractory myeloid/lymphoid neoplasms (MLNs) with FGFR1 rearrangement. MLNs are extremely rare and aggressive blood cancers.
As of Q2 2022, Incyte Corporation (NASDAQ:INCY) shares are held by 29 out of the 895 hedge funds tracked by Insider Monkey, with a total value of $4 billion. Baker Bros. Advisors was the largest hedge fund shareholder with ownership of 36.2 million shares valued at $2.7 billion.
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