RiverPark Funds, an investment management firm, published its “RiverPark Large Growth Fund” third quarter 2021 investor letter – a copy of which can be downloaded here. The RiverPark Large Growth Fund (the “Fund”) returned -3.23% for the third quarter of 2021, while its benchmarks, the S&P 500 Total Return Index (“S&P”) advanced 0.58%, the Russell 1000 Growth Total Return Index (“RLG”) returned 1.16%, while the Morningstar Large Growth Category returned -0.07%. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
RiverPark Large Growth Fund, in its Q4 2021 investor letter, mentioned Exact Sciences Corporation (NASDAQ: EXAS) and discussed its stance on the firm. Exact Sciences Corporation is a Madison, Wisconsin-based molecular diagnostics company with a $13.4 billion market capitalization. EXAS delivered a -0.14% return since the beginning of the year, while its 12-month returns are down by -46.25%. The stock closed at $77.72 per share on February 4, 2022.
Here is what RiverPark Large Growth Fund has to say about Exact Sciences Corporation in its Q4 2021 investor letter:
“Exact Sciences: EXAS shares declined on a disappointing recovery in Cologuard screening due to COVID. Despite continued revenue growth from Precision Oncology and COVID testing, and Cologuard screening revenue growth of 30%, COVID restrictions limited access to physicians’ offices for the company’s and its Pfizer Joint Venture sales force as well as causing a severe drop off of in-person wellness visits.
In the last year, Exact has also pivoted the company significantly from its single cancer screening tests (Cologuard for colon cancer and Oncotype for breast cancer) to multi-cancer screening through its Thrive acquisition, and to minimal residual disease and recurrence monitoring through its Ashion and Tardis acquisitions. Through this pivot, Exact has tripled its market opportunity from $20 billion to $60 billion.”
Photo by National Cancer Institute on Unsplash
Our calculations show that Exact Sciences Corporation (NASDAQ: EXAS) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. EXAS was in 40 hedge fund portfolios at the end of the third quarter of 2021, compared to 35 funds in the previous quarter. Exact Sciences Corporation (NASDAQ: EXAS) delivered a -22.80% return in the past 3 months.
In December 2021, we also shared another hedge fund’s views on EXAS in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
