Insulet Corporation (PODD) Fell on Negative Sentiment Relating to New Weight Loss Medicine

Scout Investments, Inc, an affiliate of Carillon Tower Advisers, Inc, released the “Carillon Scout Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Major equity indices began the quarter on a positive note, but as the quarter progressed, they succumbed to increased interest rates and economic concerns. Large caps outperformed mid and small caps in a restricted market driven by a number of giant tech and media businesses that controlled the performance of the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Carillon Scout Mid Cap Fund highlighted stocks like Insulet Corporation (NASDAQ:PODD) in the third quarter 2023 investor letter. Headquartered in Acton, Massachusetts, Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. On December 19, 2023, Insulet Corporation (NASDAQ:PODD) stock closed at $214.61 per share. One-month return of Insulet Corporation (NASDAQ:PODD) was 15.19%, and its shares lost 28.81% of their value over the last 52 weeks. Insulet Corporation (NASDAQ:PODD) has a market capitalization of $14.986 billion.

Carillon Scout Mid Cap Fund made the following comment about Insulet Corporation (NASDAQ:PODD) in its Q3 2023 investor letter:

Insulet Corporation (NASDAQ:PODD), the diabetes management device company, was the second largest detractor to portfolio performance. The company was hit by negative sentiment regarding GLP-1 agonists and their potential to reduce the number of type 2 diabetics on insulin therapy. Type 1 diabetes has become increasingly prevalent, which could offset the lower outlook for cases of type 2 diabetes, but the market ignored this development.”

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

Insulet Corporation (NASDAQ:PODD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of third quarter which was 39 in the previous quarter.

We discussed Insulet Corporation (NASDAQ:PODD) in another article and shared ClearBridge Select Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

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