Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors’ consensus returns have been exceptional. In the following paragraphs, we find out what the billionaire investors and hedge funds think of Immutep Limited (NASDAQ:IMMP).
Is IMMP a good stock to buy? Immutep Limited (NASDAQ:IMMP) was in 4 hedge funds’ portfolios at the end of March. The all time high for this statistic is 3. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. IMMP shareholders have witnessed an increase in support from the world’s most elite money managers lately. There were 1 hedge funds in our database with IMMP holdings at the end of December. Our calculations also showed that IMMP isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).
In the eyes of most shareholders, hedge funds are perceived as slow, old financial vehicles of years past. While there are greater than 8000 funds in operation at the moment, Our researchers choose to focus on the bigwigs of this group, around 850 funds. It is estimated that this group of investors have their hands on bulk of the smart money’s total asset base, and by following their finest picks, Insider Monkey has spotted various investment strategies that have historically exceeded the broader indices. Insider Monkey’s flagship short hedge fund strategy outpaced the S&P 500 short ETFs by around 20 percentage points per annum since its inception in March 2017. Also, our monthly newsletter’s portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .
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Do Hedge Funds Think IMMP Is A Good Stock To Buy Now?
At the end of March, a total of 4 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 300% from the fourth quarter of 2020. By comparison, 3 hedge funds held shares or bullish call options in IMMP a year ago. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Of the funds tracked by Insider Monkey, Eversept Partners, managed by Kamran Moghtaderi, holds the number one position in Immutep Limited (NASDAQ:IMMP). Eversept Partners has a $0.8 million position in the stock, comprising 0.1% of its 13F portfolio. Sitting at the No. 2 spot is Renaissance Technologies, with a $0.7 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining peers with similar optimism include Israel Englander’s Millennium Management, Steve Cohen’s Point72 Asset Management and . In terms of the portfolio weights assigned to each position Eversept Partners allocated the biggest weight to Immutep Limited (NASDAQ:IMMP), around 0.06% of its 13F portfolio. Point72 Asset Management is also relatively very bullish on the stock, earmarking 0.0016 percent of its 13F equity portfolio to IMMP.
As one would reasonably expect, key hedge funds were breaking ground themselves. Eversept Partners, managed by Kamran Moghtaderi, established the largest position in Immutep Limited (NASDAQ:IMMP). Eversept Partners had $0.8 million invested in the company at the end of the quarter. Renaissance Technologies also made a $0.7 million investment in the stock during the quarter. The only other fund with a brand new IMMP position is Steve Cohen’s Point72 Asset Management.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Immutep Limited (NASDAQ:IMMP) but similarly valued. These stocks are Power REIT (NYSE:PW), Mackinac Financial Corporation (NASDAQ:MFNC), Colony Bankcorp Inc (NASDAQ:CBAN), IMARA Inc. (NASDAQ:IMRA), Bogota Financial Corp. (NASDAQ:BSBK), Anixa Biosciences, Inc. (NASDAQ:ANIX), and County Bancorp, Inc. (NASDAQ:ICBK). This group of stocks’ market valuations are closest to IMMP’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| PW | 2 | 6116 | 1 |
| MFNC | 5 | 11421 | 0 |
| CBAN | 5 | 16277 | 0 |
| IMRA | 5 | 26014 | 0 |
| BSBK | 1 | 188 | 1 |
| ANIX | 2 | 156 | 0 |
| ICBK | 3 | 5549 | 0 |
| Average | 3.3 | 9389 | 0.3 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 3.3 hedge funds with bullish positions and the average amount invested in these stocks was $9 million. That figure was $2 million in IMMP’s case. Mackinac Financial Corporation (NASDAQ:MFNC) is the most popular stock in this table. On the other hand Bogota Financial Corp. (NASDAQ:BSBK) is the least popular one with only 1 bullish hedge fund positions. Immutep Limited (NASDAQ:IMMP) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for IMMP is 75.5. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.2% in 2021 through June 11th and still beat the market by 3.3 percentage points. Hedge funds were also right about betting on IMMP as the stock returned 59.9% since the end of Q1 (through 6/11) and outperformed the market. Hedge funds were rewarded for their relative bullishness.
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Disclosure: None. This article was originally published at Insider Monkey.
