Baron Funds, an investment management company, released its “Baron Health Care Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund advanced 7.69% (Institutional Shares) in the quarter compared to a 6.96% gain for the Russell 3000 Health Care Index and an 11.69% increase for the S&P 500 Index. For the full year, the fund increased 6.42%, compared to 2.87% and 26.29% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund featured stocks such as Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Immunovant, Inc. (NASDAQ:IMVT) is a clinical-stage biopharmaceutical company. On January 19, 2024, Immunovant, Inc. (NASDAQ:IMVT) stock closed at $40.37 per share. One-month return of Immunovant, Inc. (NASDAQ:IMVT) was -2.68%, and its shares gained 126.80% of their value over the last 52 weeks. Immunovant, Inc. (NASDAQ:IMVT) has a market capitalization of $5.84 billion.
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.”
A closeup of a scientist working with a microscope in a biotech laboratory.
Immunovant, Inc. (NASDAQ:IMVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Immunovant, Inc. (NASDAQ:IMVT) at the end of third quarter which was 31 in the previous quarter.
We discussed Immunovant, Inc. (NASDAQ:IMVT) in another article and shared Carillon Chartwell Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 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.
