Here’s Why DexCom (DXCM) Recovered Rapidly in Q4

Baron Funds, an investment management company, released its “Baron Health Care Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund advanced 7.69% (Institutional Shares) in the quarter compared to a 6.96% gain for the Russell 3000 Health Care Index and an 11.69% increase for the S&P 500 Index. For the full year, the fund increased 6.42%, compared to 2.87% and 26.29% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Health Care Fund featured stocks such as DexCom, Inc. (NASDAQ:DXCM). Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On January 19, 2024, DexCom, Inc. (NASDAQ:DXCM) stock closed at $127.29 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 4.19%, and its shares gained 19.63% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $48.583 billion.

Baron Health Care Fund stated the following regarding DexCom, Inc. (NASDAQ:DXCM) in its fourth quarter 2023 investor letter:

“Additional tailwinds to performance came from continuous glucose monitoring (CGM) manufacturer DexCom, Inc. (NASDAQ:DXCM) and robotic surgical system pioneer Intuitive Surgical, Inc. DexCom’s shares rapidly recovered after reporting strong quarterly results and as investors became more confident that GLP-1 drugs will be used in conjunction with CGM technology.”

A pharmacy worker placing wireless handheld personal diabetes managers against the light.

DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of third quarter which was 58 in the previous quarter.

We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared the list of high growth NASDAQ stocks that are profitable. In addition, please check out our hedge fund investor letters Q4 2023 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.