Baron Funds Sold Arrowhead Pharmaceuticals (ARWR) to Reallocate to Higher Conviction Ideas

Baron Funds, an asset management company, released its “Baron Global Advantage Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund fell 32.3% compared to a 15.7% decline for the MSCI ACWI Index and 20.2% for the MSCI ACWI Growth Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) in the second quarter investor letter. Headquartered in Pasadena, California, Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) is a biopharmaceutical company that develops medicines for the treatment of intractable diseases. On September 8, 2022, Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) stock closed at $39.17 per share. One-month return of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) was -17.17% and its shares lost 38.79% of their value over the last 52 weeks. Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) has a market capitalization of $4.146 billion.

Here is what Baron Funds specifically said about Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) in its Q2 2022 investor letter:

“Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) is a biotechnology company developing RNA interference (RNAI) medications to treat a variety of diseases. While the stock price declined during the quarter, our timing in selling the stock contributed to results. We sold our shares in order to fund redemptions and reallocate to higher conviction ideas.”

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 Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database,  Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) was held by 22 hedge fund portfolios at the end of the second quarter, which was 27 in the previous quarter.

We discussed  Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) in another article and shared Baron Funds’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.