Top 5 Biotech Stocks to Buy According to Jeremy Green’s Redmile Group

3. IGM Biosciences, Inc. (NASDAQ:IGMS)

Redmile Group’s Stake Value: $225.3 million

Percentage of Redmile Group’s 13F Portfolio: 3.92%

Number of Hedge Fund Holders: 13

IGM Biosciences, Inc. (NASDAQ:IGMS) operates as a clinical-stage biotechnology company that manufactures IgM antibodies to be used in different therapeutic solutions. The firm, previously known as Palingen, Inc., is in a license agreement for different antibody agents for the SARS-CoV-2 virus with AvantGen Inc.

On November 5, Wedbush analyst Robert Driscoll upgraded the rating from Neutral to Outperform on IGM Biosciences, Inc. (NASDAQ:IGMS) stock with a price target of $82, citing the valuation after the selloff.

According to the filings of the third quarter, Redmile Group owned 3.42 million shares in IGM Biosciences, Inc. (NASDAQ:IGMS) worth $225.25 million, representing 3.92% of the fund’s portfolio.