Several Positive Developments Lifted Roivant (ROIV) in Q3

Tourlite Capital Management, an investment management firm, released its third quarter 2024 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class returned 4.5% for Q3 2024 and 13.8% year-t0-date while the S&P 500 Index returned 5.9% and 9.3%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Tourlite Capital Management highlighted stocks like Roivant Sciences Ltd. (NASDAQ:ROIV), in the third quarter 2024 investor letter. Roivant Sciences Ltd. (NASDAQ:ROIV) is a commercial-stage biopharmaceutical company. The one-month return of Roivant Sciences Ltd. (NASDAQ:ROIV) was 1.77%, and its shares gained 22.89% of their value over the last 52 weeks. On December 5, 2024, Roivant Sciences Ltd. (NASDAQ:ROIV) stock closed at $12.08 per share with a market capitalization of $8.794 billion.

Tourlite Capital Management stated the following regarding Roivant Sciences Ltd. (NASDAQ:ROIV) in its Q3 2024 investor letter:

Roivant Sciences Ltd. (NASDAQ:ROIV) saw several positive developments during the quarter, with the most exciting being the launch of its new pipeline program, Mosliciguat. Roivant anticipates significant opportunities from future indications for this program, and we believe the acquisition of Mosliciguat has the potential to demonstrate the true value of Roivant’s platform and its disciplined capital allocation strategy. Additionally, positive updates from Immunovant and progress on 1402 further benefited Roivant’s share price.”

A research scientist in a lab coat examining a sample of blood for sickle cell diseases.

Roivant Sciences Ltd. (NASDAQ:ROIV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Roivant Sciences Ltd. (NASDAQ:ROIV) at the end of the third quarter which was 62 in the previous quarter. While we acknowledge the potential of Roivant Sciences Ltd. (NASDAQ:ROIV) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Roivant Sciences Ltd. (NASDAQ:ROIV) and shared high growth UK stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.