This article presents an overview of Billionaire Steve Cohen and Insiders are Buying These 5 Stocks. For a detailed overview of such stocks, read our article, Billionaire Steve Cohen and Insiders are Buying These 10 Stocks.
5. ACADIA Pharmaceuticals Inc (NASDAQ:ACAD)
Steve Cohen’s Stake: $28,070,893
Baker Bros. Advisors LP, which has a director and 10% owner status at Acadia Pharmaceuticals Inc (NASDAQ:ACAD), bought 896,522 shares of Acadia Pharmaceuticals Inc (NASDAQ:ACAD) at $25.33 per share on May 22. Since then through March 20 the stock has lost about 24%.
4. Gates Industrial Corporation PLC (NYSE:GTES)
Steve Cohen’s Stake: $284,504
Gates Industrial Corporation PLC (NYSE:GTES) is one of the stocks in the portfolio of Steve Cohen that have seen insider buying over the past few months. Neil P. Simpkins, a director at Gates Industrial Corporation PLC’s (NYSE:GTES) board, bought one million shares of Gates Industrial Corporation PLC (NYSE:GTES) at $12.20 per share on February 16. The stock has gained about 31% since then.
Diamond Hill Capital made the following comment about Gates Industrial Corporation plc (NYSE:GTES) in its Q4 2022 investor letter:
“We are familiar with Gates Industrial Corporation plc (NYSE:GTES) due to our investment via our small-mid cap portfolio and advantageously added it to our small cap portfolio. GTES manufactures and sells engineered power transmission and fluid power solutions globally. It is highly diversified in terms of its products, end markets, geographies and applications and is an innovative and scaled manufacturer in a fragmented industry. Looking forward, we believe GTES is well-positioned to capitalize on several global growth trends, including urbanization, automation and productivity, infrastructure development, and energy and efficiency. We capitalized on an attractive discount to initiate a position.”
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.”
2. Exxon Mobil Corp (NYSE:XOM)
Steve Cohen’s Stake: $121,190,357
Oil giant Exxon Mobil Corp (NYS:XOM) is one of the stocks that saw insider purchases over the past few months and it has a significant position in billionaire Steve Cohen’s portfolio, as of the end of the fourth quarter of 2023.
Jeff Ubben initiated multiple stock purchases for Exxon Mobil Corp (NYS:XOM) last year. On November 6, he bought 250,000 shares of Exxon Mobil Corp (NYS:XOM) at$105.97 per share. Since then through March 20 the stock has gained about 6% in value.
1. Morphic Holding Inc. (NASDAQ:MORF)
Steve Cohen’s Stake: $132,588,080
Biopharmaceutical company Morphic Holding Inc. (NASDAQ:MORF) is one of the top stocks in Steve Cohen’s portfolio bought by corporate insiders. On May 3, 2023, Timothy Springer, PhD, who has a director status at Morphic Holding Inc. (NASDAQ:MORF), bought 1,050,000 shares of Morphic Holding Inc. (NASDAQ:MORF) at $45.00 per share. Since then the stock has lost about 33% in value.
As of the end of the fourth quarter of 2023, 24 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Morphic Holding Inc. (NASDAQ:MORF).
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