Here’s Why Instil Bio (TIL) Declined in Q4

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 7.41% net compared to a 4.13% return for the Russell 2000 Growth Index. The general positive factors in the market helped the strategy to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Small Cap Growth Fund highlighted stocks like Instil Bio, Inc. (NASDAQ:TIL) in its Q4 2022 investor letter. Headquartered in Dallas, Texas, Instil Bio, Inc. (NASDAQ:TIL) is a clinical-stage biopharmaceutical company. On March 21, 2023, Instil Bio, Inc. (NASDAQ:TIL) stock closed at $0.6460 per share. One-month return of Instil Bio, Inc. (NASDAQ:TIL) was -18.19%, and its shares lost 94.04% of their value over the last 52 weeks. Instil Bio, Inc. (NASDAQ:TIL) has a market capitalization of $83.835 million.

Meridian Small Cap Growth Fund made the following comment about Instil Bio, Inc. (NASDAQ:TIL) in its Q4 2022 investor letter:

“Instil Bio, Inc. (NASDAQ:TIL), is a clinical-stage biopharmaceutical company developing cancer treatments. We initially found its focus on tumor-infiltrating lymphocytes (TILs), which are white blood cells that work to kill cancer cells, compelling. Yet, during the quarter, the company announced it was discontinuing trials of its primary ITIL-168 program due largely to manufacturing issues and laying off 60% of its workforce. It also announced it was focusing on its CoStAR-TIL research, with an emphasis on its ITIL-306 program for lung, ovarian, and kidney cancers. Given the change in direction and the lack of data until late 2023 for the early-stage ITIL-306 program, we exited the position.”

Laboratory, Medicine, Health

Photo by National Cancer Institute on Unsplash

Instil Bio, Inc. (NASDAQ:TIL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Instil Bio, Inc. (NASDAQ:TIL) at the end of the fourth quarter which was 11 in the previous quarter.

We discussed Instil Bio, Inc. (NASDAQ:TIL) in another article and shared the list of stocks that Zhang Lei is selling. In addition, please check out our hedge fund investor letters Q4 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.