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In this article, we will take a look at some of the notable pharma stocks to buy according to Steven Boyd's Armistice Capital. To skip our analysis of Steven Boyd’s profile, investment strategy, and 13F holdings, you can go directly to see the 5 Best Pharmaceutical Stocks to Buy According to Steven Boyd's Armistice Capital.
Steven Boyd is the founder and Managing Partner of Armistice Capital, a hedge fund based in New York. Steven Boyd graduated with a B.S. in Economics as well as a B.A. in Political Science from The Wharton School of the University of Pennsylvania. He started his career as an Analyst at McKinsey & Company, followed by a stint as an Analyst at SAB Capital Management. Later, Steven worked as an Associate at York Capital, focusing primarily on investments in consumer and health care equities. Prior to forming Armistice Capital, Steven worked as a Senior Research Analyst at Senator Investment Group.
Armistice Capital is a global, long/short, value-oriented, and event-driven hedge fund primarily focused on healthcare and consumer sectors. The hedge fund predominantly invests in equities with rare opportunistic investments across the capital structure.
As of Q2 2022, the 13F portfolio of Steven Boyd’s Armistice Capital was valued at $5.7 billion. Some of the notable companies included in the portfolio were Illumina, Inc. (NASDAQ:ILMN), Medtronic plc (NYSE:MDT), Adobe Inc. (NASDAQ:ADBE), and Walmart Inc. (NYSE:WMT), among others.
Methodology
We picked the top 10 pharmaceutical stocks from Steven Boyd's Armistice Capital 13F portfolio for the second quarter of 2022.
10 Best Pharmaceutical Stocks to Buy According to Steven Boyd's Armistice Capital
10. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)
Armistice Capital’s Stake Value: $87,918,000
Percentage of Armistice Capital’s 13F Portfolio: 1.53%
Number of Hedge Fund Holders: 45
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a pharmaceutical company focused on creation of transformative medicines for people with serious and life-threatening diseases. It discovered and developed the first medicines to treat the underlying cause of cystic fibrosis, a rare, life-threatening genetic disease.
Armistice Capital holds 312,000 shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), making up 1.53% of the hedge fund’s 13F portfolio. Armistice Capital’s stake in the company increased by 33% in Q2 2020, compared to the previous quarter.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) released its quarterly results for Q2 2022 in August. Its net revenue increased by 22% y-o-y to $2.2 billion, while it reported a net income of $810 million. It reported a normalized EPS of $3.60, beating the consensus by $0.10.
On September 27, Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) announced that it had concluded talks with FDA and will submit its biologics licensing application for exa-cel for potential treatment of sickle cell disease and transfusion-dependent beta thalassemia for rolling review beginning in November.
As of Q2 2022, 45 hedge funds out of the 895 hedge funds tracked by Insider Monkey were bullish on Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) and held its shares valued at $2.3 billion. Jim Simons’ Renaissance Technologies was the largest shareholder holding 1.8 million shares valued at $496 million.
9. Bristol-Myers Squibb Company (NYSE:BMY)
Armistice Capital’s Stake Value: $89,012,000
Percentage of Armistice Capital’s 13F Portfolio: 1.55%
Number of Hedge Fund Holders: 69
Based in New Jersey, Bristol-Myers Squibb Company (NYSE:BMY) is a biotechnology company focused on the discovery, development, and delivery of innovative medicines for serious diseases across oncology, hematology, immunology, cardiovascular disease, and fibrosis.
Steven Boyd’s Armistice Capital owns 1,156,000 shares in Bristol-Myers Squibb Company (NYSE:BMY), accounting for 1.55% of the hedge fund’s 13F portfolio. The hedge fund reduced its investment in Bristol-Myers Squibb Company (NYSE:BMY) by 18% in Q2 2022, compared to the previous quarter.
Bristol-Myers Squibb Company (NYSE:BMY) shares have fared significantly better than the broader United States equity indices. It is up 14% year to date.
According to the Insider Monkey data tracking 895 hedge funds, 69 hedge funds were long Bristol-Myers Squibb Company (NYSE:BMY) as of Q2 2022, holding shares with total value of $2.2 billion. Its largest shareholder was Two Sigma Advisors with ownership of 4.7 million shares valued at $363 million.
8. Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA)
Armistice Capital’s Stake Value: $97,849,000
Percentage of Armistice Capital’s 13F Portfolio: 1.70%
Number of Hedge Fund Holders: 18
Watertown, Massachusetts-based Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA) is a clinical stage biotechnology company focused on the discovery and development of small molecule drugs for the treatment of viral infections and liver diseases.
Steven Boyd’s Armistice Capital owns 2,070,000 shares of Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA), accounting for 1.70% of its 13F portfolio. The hedge fund increased its stake by 85% in the company during Q2 2022, compared to the previous quarter.
The pipeline of Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA) includes clinical candidates currently in development for respiratory syncytial virus (RSV), COVID-19 and hepatitis B virus. It is also conducting research in human metapneumovirus.
On August 10, Oppenheimer analyst Jay Olson raised the price target on Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA) shares to $59 from $53 and maintained a ‘Perform’ rating on the shares.
As of Q2 2022, 18 of the 895 hedge funds tracked by Insider Monkey owned shares of Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA), valued at $263 million. Thomas Steyer’s Farallon Capital was its second largest shareholder after Armistice Capital, with ownership of 1.6 million shares valued at $73 million.
7. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
Armistice Capital’s Stake Value: $111,132,000
Percentage of Armistice Capital’s 13F Portfolio: 1.93%
Number of Hedge Fund Holders: 44
Based in Tarrytown, New York, Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is a leading biotechnology company that invents, develops, and commercializes medicines with a focus on eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, pain, hematologic conditions, infectious diseases, and rare diseases.
Steven Boyd’s Armistice Capital owns 188,000 shares of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), accounting for 1.93% of its 13F portfolio. The hedge fund doubled down on its investment in the pharmaceutical company and increased its stake by 124% in Q2 2022, as compared to the previous quarter.
On September 28, Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) announced that it had received FDA approval for Dupixent for the treatment of adult patients with prurigo nodularis, a chronic, debilitating skin disease. Dupixent is the first and only medicine specifically indicated to treat this disease.
Earlier on September 16, Canaccord analyst John Newman had raised the price target for Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) shares to $750 from $700 while maintaining a ‘Buy’ rating.
As of Q2 2022, Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) shares were held by 44 of the 895 hedge funds tracked by Insider Monkey, for a total value of $1.6 billion. Jim Simons’ Renaissance Technologies was the largest hedge fund shareholder, with ownership of 0.6 million shares valued at $345 million.
6. Travere Therapeutics, Inc. (NASDAQ:TVTX)
Armistice Capital’s Stake Value: $128,904,000
Percentage of Armistice Capital’s 13F Portfolio: 2.24%
Number of Hedge Fund Holders: 30
San Diego, California-based Travere Therapeutics, Inc. (NASDAQ:TVTX) is a biopharmaceutical company focused on developing therapies for rare diseases. Its product portfolio comprises four approved drugs: Chenodal, Cholbam, Thiola, and Thiola EC delayed-release tablets, while its R&D pipeline is led by sparsentan – a novel product candidate targeting rare kidney diseases.
Steven Boyd’s Armistice Capital owns 5,320,000 shares of Travere Therapeutics, Inc. (NASDAQ:TVTX), accounting for 2.24% of its 13F portfolio. The hedge fund increased its stake by 8% in Q2 2022, as compared to the previous quarter.
In August, Travere Therapeutics, Inc. (NASDAQ:TVTX) announced the EMA has accepted for review the Conditional Marketing Authorization application for sparsentan for the treatment of IgAN, a rare kidney disorder, with potential approval expected in the second half of 2023.
On August 15, Piper Sandler analyst Do Kim lowered the price target on Travere Therapeutics, Inc. (NASDAQ:TVTX) shares to $39 from $41 while maintaining an ‘Overweight’ rating on the shares.
As of Q2 2022, 30 of the 895 hedge funds tracked by Insider Monkey were long Travere Therapeutics, Inc. (NASDAQ:TVTX), holding shares worth $704 million.
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