Here’s Why Artisan Partners Exited its Position in OptimizeRx Corporation (OPRX)

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned 3.23%, Advisor Class fund APDSX posted a return of 3.27%, and Institutional Class fund APHSX returned 3.27%, compared to a return of 0.24% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, Artisan Partners discussed stocks like OptimizeRx Corporation (NASDAQ:OPRX). Headquartered in Rochester, Michigan, OptimizeRx Corporation (NASDAQ:OPRX) is a digital health technology company. On November 11, 2022, OptimizeRx Corporation (NASDAQ:OPRX) stock closed at $22.01 per share. One-month return of OptimizeRx Corporation (NASDAQ:OPRX) was 42.46% and its shares lost 72.52% of their value over the last 52 weeks. OptimizeRx Corporation (NASDAQ:OPRX) has a market capitalization of $377.531 million.

Artisan Partners made the following comment about OptimizeRx Corporation (NASDAQ:OPRX) in its Q3 2022 investor letter:

“OptimizeRx Corporation (NASDAQ:OPRX) offers a platform of digital communications solutions between pharma companies and both prescribing physicians and patients. The company’s vast network of electronic health record partners/integrations enables pharma companies to more intelligently target and directly communicate to physicians about important clinical and financial information, leading to better prescribing decisions. Unfortunately, pharmaceutical companies have been dialing back their digital marketing spend given the waning macro backdrop, which has negatively impacted OptimizeRx’s profit cycle. Given our lack of visibility into when these headwinds will abate, we exited our position.”

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OptimizeRx Corporation (NASDAQ:OPRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held OptimizeRx Corporation (NASDAQ:OPRX) at the end of the second quarter which was 13 in the previous quarter.

We discussed OptimizeRx Corporation (NASDAQ:OPRX) in another article and shared the list of small-cap stocks with the highest upside potential. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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