In this article, we will be looking at the 8 medical stocks to buy according to Mitchell Blutt’s Consonance Capital. You can skip our detailed analysis of these stocks and head directly to 3 Medical Stocks to Buy According to Mitchell Blutt’s Consonance Capital.
Mitchell Blutt is an American physician-businessman. He is one of the pioneering physicians who were actively involved on Wall Street. Mr. Blutt made use of his expertise in medicine to identify lucrative investment opportunities in the healthcare sector.
Early Beginnings
Prior to founding his hedge fund, Mr. Blutt was enrolled in an undergraduate program at the University of Pennsylvania. Upon graduating from the University of Pennsylvania School of Medicine, Mr. Blutt went on to earn an MBA from Wharton in 1987. At this time, he was recruited by J.P. Morgan Partners where he was responsible for scouting and negotiating acquisitions in the healthcare industry. Mr. Blutt’s career at J.P. Morgan Partners lasted for about eighteen years, after which in 2005, he went on to found his own investment office, Consonance Capital.
Consonance Capital Management
Consonance Capital is an investment management firm that targets equity investments, primarily in the healthcare industry. The firm started off investing in small-cap healthcare stocks in 2005. Consonance Capital led a passive investment strategy back in the day that was circled around buying stocks and holding them for relatively longer periods regardless of ups and downs in the market. As of the third quarter of 2021, Mitchell Blutt manages over $182.69 million in 13F securities through his hedge fund, Consonance Capital Management.
Among the most notable stock picks of Consonance Capital Management, we have Tandem Diabetes Care, Inc. NASDAQ:(TNDM), Globus Medical, Inc. (NYSE:GMED), and United Therapeutics Corporation (NASDAQ:UTHR).
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Our methodology
Before getting into the top 8 medical stocks to buy according to Mitchell Blutt’s Consonance Capital, let us discuss how these stocks were ranked. After going through the investment portfolio of Consonance Capital Management at the end of the third quarter of 2021, we picked the stocks that were among the top ten 13F holdings of the fund by stake value. We also included the hedge fund sentiment and analyst ratings for each stock to aid our readers in making informed investment decisions.
8 Medical Stocks to Buy According to Mitchell Blutt’s Consonance Capital
8. CASI Pharmaceuticals, Inc. (NASDAQ:CASI)
Stake Value of Consonance Capital Management: $1,860,000
Percentage of Consonance Capital Management’s 13F Portfolio: 1.01%
Number of Hedge Fund Holders: 9
CASI Pharmaceuticals, Inc. (NASDAQ:CASI) is involved in the manufacturing and marketing of therapeutics and pharmaceutical products in China, the United States, and worldwide.
Insider Monkey was able to identify 9 hedge funds that held stakes in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) at the end of the third quarter of 2021. The total value of these stakes was over $8.19 million. Consonance Capital Management’s stake in CASI Pharmaceuticals, Inc. (NASDAQ:CASI), at the end of the third quarter of 2021, was valued at $1.86 million which represents 1.01% of the fund’s 13F portfolio.
CASI Pharmaceuticals, Inc. (NASDAQ:CASI) is one of the top holdings of Consonance Capital Management as of the third quarter of 2021. Other healthcare stocks that make up the top 13F holdings are Tandem Diabetes Care, Inc. NASDAQ:(TNDM), Globus Medical, Inc. (NYSE:GMED), and United Therapeutics Corporation (NASDAQ:UTHR).
7. Olink Holding AB (publ) (NASDAQ:OLK)
Stake Value of Consonance Capital Management: $2,799,000
Percentage of Consonance Capital Management’s 13F Portfolio: 1.53%
Number of Hedge Fund Holders: 14
Olink Holding AB (publ) (NASDAQ:OLK) is a healthcare company that provides various products and services for academic, government, biopharmaceutical, biotechnology, and other institutions focused on life science research.
By the end of the third quarter of 2021, there were 14 hedge funds that held stakes in Olink Holding AB (publ) (NASDAQ:OLK) worth $74.28 million. The stock was a new addition to Consonance Capital’s 13F portfolio at the end third quarter of 2021. The fund’s stake in Olink Holding AB (publ) (NASDAQ:OLK) at the end of the third quarter amounted to $2.79 million, which covered 1.53% of its investment portfolio.
Just like Tandem Diabetes Care, Inc. NASDAQ:(TNDM), Globus Medical, Inc. (NYSE:GMED), and United Therapeutics Corporation (NASDAQ:UTHR), Olink Holding AB (publ) (NASDAQ:OLK) is among the top holdings of Consonance Capital Management as of the third quarter of 2021.
Baron Discovery Fund mentioned Olink Holding AB (publ) (NASDAQ:OLK) in its second-quarter investor letter. Here’s what the firm had to say:
“We made another small investment in Olink Holding AB, which is a health care tools company focused on the identification of proteins (proteomics). It has a proprietary way of identifying proteins that provides high specificity, sensitivity, dynamic range, precision, and scalability. Science has advanced dramatically with regard to understanding the human genome via next generation sequencing, which shows normal and abnormal portions of a person’s gene sequences. It is now moving toward understanding how those genes can actively create biologically significant signals (expression of messenger RNA (mRNA) from DNA followed by the translation of mRNA into proteins). These proteins can potentially be the means by which disease is initiated and spread in the body. Olink can help understand this process for researchers and help its customers to develop next-generation drugs to attack these processes. Olink’s platform can also be incorporated into novel diagnostic tests. This is a very exciting new area. We are looking forward to watching accelerating progress in proteomics.”
6. Silence Therapeutics plc (NASDAQ:SLN)
Stake Value of Consonance Capital Management: $3,729,000
Percentage of Consonance Capital Management’s 13F Portfolio: 2.04%
Number of Hedge Fund Holders: 3
Silence Therapeutics plc (NASDAQ:SLN) operates as a biotechnology company that is involved in the discovery and development of novel ribonucleic acid (RNA) therapeutics in hematology, cardiovascular, and other rare and metabolic indications. On November 30, 2021, Silence Therapeutics plc (NASDAQ:SLN) got listed on the NASDAQ Global Market and began trading shares exclusively under the symbol SLN.
By the end of the third quarter of 2021, Consonance Capital Management’s stake in Silence Therapeutics plc (NASDAQ:SLN) amounted to $3.72 million. The investment accounts for 2.04% of the hedge fund’s 13F portfolio.
Out of the elite 867 hedge funds being tracked by Insider Monkey, 3 positions were identified for Silence Therapeutics plc (NASDAQ:SLN) at the end of the third quarter of 2021. These funds had total stakes of over $27.3 million in the company.
5. Surrozen Inc. (NASDAQ:SRZN)
Stake Value of Consonance Capital Management: $6,718,000
Percentage of Consonance Capital Management’s 13F Portfolio: 3.67%
Number of Hedge Fund Holders: 18
By the end of the third quarter of 2021, 18 hedge funds had Surrozen Inc. (NASDAQ:SRZN) among their 13F holdings. The total stakes these funds had in the company exceeded $66.82 million. Surrozen Inc. (NASDAQ:SRZN) is actively involved in the development of targeted therapeutics that are aimed at repairing a broad range of tissues and restoring organs damaged by serious diseases.
On October 11, 2021, BofA analyst Tazeen Ahmad initiated coverage of Surrozen Inc. (NASDAQ:SRZN) and gave the stock a Buy rating and $11 price target.
Consonance Capital Management added Surrozen Inc. (NASDAQ:SRZN) to its investment portfolio in the third quarter of 2021 by buying 1 million shares of the stock. The fund’s stake in Surrozen Inc. (NASDAQ:SRZN) is in excess of $6.71 million which covers 3.67% of the fund’s investment portfolio.
4. SpringWorks Therapeutics, Inc. (NASDAQ:SWTX)
Stake Value of Consonance Capital Management: $19,412,000
Percentage of Consonance Capital Management’s 13F Portfolio: 10.62%
Number of Hedge Fund Holders: 21
In December, SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) announced that the company has entered into a clinical trial collaboration agreement with AbbVie (NYSE:ABBV) to evaluate both company’s investigative drugs. Both companies will also form a joint committee to manage the clinical study, which is expected to come into action in the first half of 2022.
SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) is among the top five holdings of Consonance Capital Management. As of the third quarter of 2021, the investment covers 10.62% of Consonance Capital’s 13F portfolio. The fund’s stake in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) was valued at over $19.41 million.
Apart from Consonance Capital, Insider Monkey spotted SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) to be a part of 20 other hedge fund portfolios. The total stakes of these 21 hedge funds in SpringWorks Therapeutics, Inc. (NASDAQ:SWTX) by the end of the third quarter of 2021 were valued at $966.44 million.
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Disclosure: None. 8 Medical Stocks to Buy According to Mitchell Blutt’s Consonance Capital is originally published on Insider Monkey.
