The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 867 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of September 30th. In this article we look at what those investors think of Immatics N.V. (NASDAQ:IMTX).
Immatics N.V. (NASDAQ:IMTX) investors should be aware of a decrease in hedge fund sentiment in recent months. Immatics N.V. (NASDAQ:IMTX) was in 23 hedge funds’ portfolios at the end of September. The all time high for this statistic is 24. There were 24 hedge funds in our database with IMTX holdings at the end of June. Our calculations also showed that IMTX isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings).
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Keeping this in mind let’s take a look at the latest hedge fund action encompassing Immatics N.V. (NASDAQ:IMTX).
Do Hedge Funds Think IMTX Is A Good Stock To Buy Now?
At third quarter’s end, a total of 23 of the hedge funds tracked by Insider Monkey were long this stock, a change of -4% from the previous quarter. On the other hand, there were a total of 22 hedge funds with a bullish position in IMTX 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.
More specifically, Baker Bros. Advisors was the largest shareholder of Immatics N.V. (NASDAQ:IMTX), with a stake worth $57.5 million reported as of the end of September. Trailing Baker Bros. Advisors was Nantahala Capital Management, which amassed a stake valued at $34.4 million. Perceptive Advisors, Redmile Group, and Alyeska Investment Group were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position SilverArc Capital allocated the biggest weight to Immatics N.V. (NASDAQ:IMTX), around 3.22% of its 13F portfolio. Copernicus Capital Management is also relatively very bullish on the stock, designating 1.57 percent of its 13F equity portfolio to IMTX.
Since Immatics N.V. (NASDAQ:IMTX) has witnessed falling interest from the smart money, we can see that there is a sect of hedge funds that elected to cut their full holdings last quarter. At the top of the heap, David Alexander Witkin’s Beryl Capital Management dumped the biggest investment of all the hedgies watched by Insider Monkey, worth close to $3.6 million in stock, and Guy Shahar’s DSAM Partners was right behind this move, as the fund said goodbye to about $1.8 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest fell by 1 funds last quarter.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Immatics N.V. (NASDAQ:IMTX) but similarly valued. We will take a look at Edgewise Therapeutics, Inc. (NASDAQ:EWTX), OneBeacon Insurance Group, Ltd. (NYSE:OB), Armada Hoffler Properties Inc (NYSE:AHH), The First Bancshares, Inc. (MS) (NASDAQ:FBMS), U.S. Auto Parts Network, Inc. (NASDAQ:PRTS), Mitek Systems, Inc. (NASDAQ:MITK), and OraSure Technologies, Inc. (NASDAQ:OSUR). All of these stocks’ market caps match IMTX’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| EWTX | 14 | 530164 | -1 |
| OB | 6 | 21435 | 6 |
| AHH | 10 | 47893 | 0 |
| FBMS | 10 | 100734 | 1 |
| PRTS | 22 | 184389 | 0 |
| MITK | 18 | 99753 | 1 |
| OSUR | 14 | 73669 | 1 |
| Average | 13.4 | 151148 | 1.1 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 13.4 hedge funds with bullish positions and the average amount invested in these stocks was $151 million. That figure was $235 million in IMTX’s case. U.S. Auto Parts Network, Inc. (NASDAQ:PRTS) is the most popular stock in this table. On the other hand OneBeacon Insurance Group, Ltd. (NYSE:OB) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks Immatics N.V. (NASDAQ:IMTX) is more popular among hedge funds. Our overall hedge fund sentiment score for IMTX is 82.8. 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 31.1% in 2021 through December 9th and still beat the market by 5.1 percentage points. Unfortunately IMTX wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on IMTX were disappointed as the stock returned -15.4% since the end of the third quarter (through 12/9) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.
Follow Immatics N.v. (NASDAQ:IMTX)
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Disclosure: None. This article was originally published at Insider Monkey.
