In this article, we will discuss the 10 stocks to buy according to Neil Shahrestani’s Ikarian Capital. If you want to read our detailed analysis of Shahrestani’s history, investment philosophy, and hedge fund performance, go directly to the 10 Stocks to Buy According to Neil Shahrestani’s Ikarian Capital.
5. Xenon Pharmaceuticals Inc. (NASDAQ: XENE)
Shahrestani’s Stake Value: $11,467,000
Percentage of Neil Shahrestani’s 13F Portfolio: 0.38%
Number of Hedge Fund Holders: 27
Xenon Pharmaceuticals Inc. (NASDAQ: XENE) is a Canada-based clinical-stage biopharmaceutical company occupied in developing therapeutics to cure patients with neurological disease. It was founded in 1996 and ranks fifth on the list of 10 best stocks to buy according to Neil Shahrestani’s Ikarian Capital. Xenon shares have gained 53.30% over the last 12 months.
On May 11, Xenon Pharmaceuticals Inc. (NASDAQ: XENE) declared earnings for the first quarter of 2021. It reported earnings per share of -$0.42, beating market predictions by $0.01. In addition, the revenue for the first three months of 2021 was over $4.36 million, beating the estimates by $1.39 million. On May 6, SMBC Nikko Securities analyst David Hoang initiates coverage on Xenon Pharmaceuticals with an “Outperform” rating.
Ikarian Capital increased its stake in Xenon Pharmaceuticals Inc. (NASDAQ: XENE) by 188% in the first quarter of 2021, ending the period with $11.47 million worth of the company’s stock. In addition, hedge funds are loading up on Xenon Pharmaceuticals, as Insider Monkey’s data shows that 27 hedge funds held stakes in the company in the first quarter of 2021, compared to 25 funds a quarter earlier.
4. I-Mab (NASDAQ: IMAB)
Shahrestani’s Stake Value: $12,117,000
Percentage of Neil Shahrestani’s 13F Portfolio: 0.41%
Number of Hedge Fund Holders: 20
I-Mab (NASDAQ: IMAB), a clinical biopharmaceutical company, discovers, develops, and commercializes biological products for treating cancer and autoimmune disorders. It was founded in 2014 and ranks fourth on the list of 10 best stocks to buy according to Neil Shahrestani’s Ikarian Capital. In addition, shares of the company rallied 156.58% in the last 12 months, resulting in a $5.87 billion market capitalization.
On July 30, I-Mab (NASDAQ: IMAB) announced that the U.S. FDA approved the Experimental New Drug Submission for protollin, an experimental drug to cure Alzheimer’s disease, enabling a phase 1 clinical initiation trial. On July 13, Cantor Fitzgerald analyst Louise Chen raised the price target on I-Mab to $95 from $90 and maintained an “Overweight” rating on the shares. On July 9, I-Mab (NASDAQ: IMAB) announced two new collaborations with developing biotechnology companies, Immorna and neoX Biotech, in China to bolster its pipeline. The organization will work with neoX Biotech for up to 10 novel biologics programs utilizing neoX’s restrictive man-made brainpower calculation.
Ikarian Capital increased stake in I-Mab (NASDAQ: IMAB) by 67% in the first quarter, ending the period with 250,000 shares, worth $12.12 million. Hedge fund sentiment increased for I-Mab in the first quarter of 2021. Insider Monkey’s data shows that 20 elite hedge funds held stakes in I-Mab (NASDAQ: IMAB) in the first quarter of 2021, up from 14 funds a quarter earlier.
3. Celldex Therapeutics, Inc. (NASDAQ: CLDX)
Shahrestani’s Stake Value: $12,284,000
Percentage of Neil Shahrestani’s 13F Portfolio: 0.40%
Number of Hedge Fund Holders: 26
Celldex Therapeutics, Inc. (NASDAQ: CLDX) is a biopharmaceutical company committed to developing monoclonal and bispecific therapeutic antibodies to treat various illnesses. It was incorporated in 1983 and is placed third on the list of 10 best stocks to buy according to Neil Shahrestani’s Ikarian Capital. Celldex shares have offered 325.17% in returns to investors over the course of the past 12 months.
On July 22, Guggenheim analyst Yatin Suneja initiated a coverage on Celldex Therapeutics, Inc. (NASDAQ: CLDX) with a “Buy” rating and price target of $66. On July 13, Celldex announced that it launched an underwritten offering in which it publicly offered 5.95 million common stock shares at $42.00 per share. In addition, the underwriters will be granted the option of buying an additional 892,857 shares. The net proceeds from the public offering will be used to continue the clinical progress of its product candidates, financing ongoing efforts to develop other products and for general corporate purposes.
Neil Shahrestani’s hedge fund decreased its stake in Celldex Therapeutics, Inc. (NASDAQ: CLDX) by 57% in the first quarter, ending the period with $12.28 million worth of the company’s shares. At the end of the first quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $297.91 million in Celldex, up from 25 the preceding quarter worth $307.91 million. 2. Chimerix, Inc. (NASDAQ: CMRX)
Shahrestani’s Stake Value: $15,399,000
Percentage of Neil Shahrestani’s 13F Portfolio: 0.52%
Number of Hedge Fund Holders: 16
Chimerix, Inc. (NASDAQ: CMRX) is a biopharmaceutical company discovering, developing, and marketing medicines for patients with fatal diseases. The company was founded in 2000 and stands second on the list of 10 best stocks to buy according to Neil Shahrestani’s Ikarian Capital. Chimerix shares have gained a whopping 113.18% over the last 12 months.
On June 6, H.C. Wainwright analyst Edward White raised the price target on Chimerix, Inc. (NASDAQ: CMRX) to $19 from $18 and kept a “Buy” rating on the shares. On June 4, Chimerix announced that the United States FDA approved TEMBEXA tablets and oral suspension for Smallpox treatment.
In the first quarter of 2021, 3G Capital increased its stake in Chimerix, Inc. (NASDAQ: CMRX) by 30% to 1.60 million shares. The company is also getting the attention of the smart money, as 16 hedge funds tracked by Insider Monkey reported owning stakes in the company in the first quarter of 2021, up from 13 funds a quarter earlier.
1. TRACON Pharmaceuticals, Inc. (NASDAQ: TCON)
Shahrestani’s Stake Value: $22,360,000
Percentage of Neil Shahrestani’s 13F Portfolio: 0.75%
Number of Hedge Fund Holders: 6
TRACON Pharmaceuticals, Inc. (NASDAQ: TCON) is a clinical-stage biopharmaceutical company. It was incorporated in 2004, and it tops the list of 10 best stocks to buy according to Neil Shahrestani’s Ikarian Capital. TRACON currently has $72.86 million market capitalization and was able to deliver a 127.27% return in the past 12 months.
On July 21, TRACON Pharmaceuticals, Inc. (NASDAQ: TCON) announced that it launched an underwritten offering in which it publicly offered 3.93 million common shares at $3.82 per share. In addition, the underwriters will be granted the option of buying an additional 589,005 shares. The net revenues from the public offering will be used to fund the company’s continuing clinical development of envafolimab, and for working capital and other business reasons. On June 4, Alliance Global Partners analyst Matt Cross initiated a coverage on TRACON Pharmaceuticals, Inc. (NASDAQ: TCON) with a “Buy” rating and a price target of $13.
Ikarian Capital is a leading shareholder in TRACON Pharmaceuticals, Inc. (NASDAQ: TCON), holds 2.72 million shares worth $64.74 million, representing 24.03% of their portfolio.
You can also take a peek at 10 Best Stocks to Buy According to Brazilian Billionaire Jorge Paulo Lemann and 12 Best Bear Market Stocks to Buy Now
