Before we spend countless hours researching a company, we like to first analyze what insiders, hedge funds, and billionaire investors think about the stock. This is a necessary first step in our investment process, as our research has shown that the consensus returns from elite investors have been exceptional. In the following paragraphs, we find out what billionaire investors and hedge funds think about Immutep Limited (NASDAQ:IMMP).
Is IMMP a good stock to buy? Immutep Limited (NASDAQ:IMMP) appeared in 4 hedge fund portfolios at the end of March. The all-time high for this statistic is 3. This means that the bullish number of hedge fund positions in this stock is currently at its highest level. IMMP shareholders have recently seen an increase in support from the world’s most elite fund managers. There was 1 hedge fund in our database with IMMP holdings at the end of December. Our calculations also showed that the IMMP is not one of the 30 most popular stocks among hedge funds (click for Q1 ranking).
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Do hedge funds think IMMP is a good stock to buy now?
At the end of March, a total of 4 of the hedge funds tracked by Insider Monkey held long positions in this security, a variation of 300% compared to the fourth quarter of 2020. By comparison, 3 hedge funds held stocks or call options bullish in IMMP a year ago. So let’s take a look at which hedge funds were among the top stock holders and which hedge funds were making big moves.
Among the funds tracked by Insider Monkey, Eversept Partners, led by Kamran Moghtaderi, holds the number one position in Immutep Limited (NASDAQ: IMMP). Eversept Partners holds a position of $ 0.8 million in the stock, representing 0.1% of its 13F portfolio. Second is Renaissance Technologies, with a position of $ 0.7 million; the fund has less than 0.1 %% of its 13F portfolio invested in the stock. Other peers with similar optimism include Israel Englander Millennium management, Point72 Asset Management by Steve Cohen et. In terms of the portfolio weights assigned to each position, Eversept Partners assigned the largest weight to Immutep Limited (NASDAQ: IMMP), around 0.06% of its 13F portfolio. Point72 Asset Management is also relatively very bullish on the stock, allocating 0.0016% of its 13F equity portfolio to IMMP.
As one might reasonably expect, the major hedge funds themselves were innovating. Eversept Partners, managed by Kamran Moghtaderi, established the largest position in Immutep Limited (NASDAQ: IMMP). Eversept Partners had invested $ 0.8 million in the company at the end of the quarter. Renaissance Technologies also invested $ 0.7 million in the stock during the quarter. The only other fund with a brand new IMMP position is that of Steve Cohen Point72 asset management.
Now let’s take a look at the hedge fund activity in other stocks – not necessarily in the same industry as Immutep Limited (NASDAQ: IMMP) but of similar value. These stocks are Power REIT (NYSE:PW), Mackinac Financial Corporation (NASDAQ:MFNC), Colony Bankcorp Inc (NASDAQ:RCAB), IMARA Inc. (NASDAQ:IMRA), Bogota Financial Corp. (NASDAQ:BSBK), Anixa Biosciences, Inc. (NASDAQ:ANIX) and County Bancorp, Inc. (NASDAQ:ICBK). The market valuations of this group of shares are the closest to the market valuation of IMMP.
[table] Ticker, number of HF with positions, total value of HF positions (x1000), change of position HF PW, 2.6116.1 MFNC, 5.11421.0 CBAN, 5.16277.0 IMRA, 5.26014.0 BSBK , 1,188.1 ANIX, 2,156.0 ICBK, 3.5549.0 Average, 3.3.9389.0.3 [/table]
See the table here if you have formatting problems.
As you can see, these stocks had an average of 3.3 hedge funds with bullish positions and the average amount invested in these stocks was $ 9 million. That figure was $ 2 million in the case of IMMP. Mackinac Financial Corporation (NASDAQ:MFNC) is the most popular action in this table. On the other hand, Bogota Financial Corp. (NASDAQ:BSBK) is the least popular with only 1 bullish hedge fund positions. Immutep Limited (NASDAQ: IMMP) isn’t the most popular stock in this group, but hedge fund interest is still above average. Our overall hedge fund sentiment score for IMMP is 75.5. Stocks with a 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 have shown 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 17.2% in 2021 through June 11 and have consistently beat the market by 3.3 percentage points. Hedge funds were also right to bet on IMMP, as the stock has returned 59.9% since the end of the first quarter (through 6/11) and has outperformed the market. Hedge funds have been rewarded for their relative optimism.
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Disclosure: none. This article originally appeared on Monkey initiate.