Baron Funds, an investment management company, released its “Baron Health Care Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased by 9.08% (Institutional Shares) compared to an 11.54% gain for the Russell 3000 Health Care Index and a 7.56% gain for the S&P 500 Index. The fund fell 16.90% in 2022, compared to a 6.10% decline for the Russell 3000 Health Care Index and an 18.11% decline for the S&P 500 Index. Factors like cash exposure in the up-market, adverse stock selection, and differences in sub-industry exposures led the fund to underperform in the quarter relative to its benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like Inhibrx, Inc. (NASDAQ:INBX) in the Q4 2022 investor letter. Headquartered in La Jolla, California, Inhibrx, Inc. (NASDAQ:INBX) is a biotechnology company. On January 27, 2023, Inhibrx, Inc. (NASDAQ:INBX) stock closed at $27.14 per share. One-month return of Inhibrx, Inc. (NASDAQ:INBX) was 10.15%, and its shares gained 2.18% of their value over the last 52 weeks. Inhibrx, Inc. (NASDAQ:INBX) has a market capitalization of $1.182 billion.
Baron Funds made the following comment about Inhibrx, Inc. (NASDAQ:INBX) in its Q4 2022 investor letter:
“Apart from cash, investments in biotechnology, health care equipment, and health care technology were mostly responsible for the relative shortfall during the quarter. Weakness in biotechnology was partly due to the underperformance of Inhibrx, Inc. (NASDAQ:INBX), a clinical stage biotechnology company with a pipeline of biologic therapeutic candidates developed using the company’s protein engineering expertise and proprietary single-domain antibody platform. Inhibrx’s shares declined after we initiated a position in mid-October due to general small-cap biotechnology weakness into year end.
Inhibrx, Inc. is a biotechnology company with expertise in single-domain antibody structures. Since the Fund’s investment in mid-October, shares gave back some gains from the prior quarter, which included an update on the progression of Inhibrx’s recombinant human AAT-Fc protein product into pivotal clinical trials. The product is likely to replace plasma-based AAT and grow the established $1.5 billion to $2.0 billion market, in our view. We ascribe significant value to the lead product and are watching for updates from the broader oncology platform.”
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Inhibrx, Inc. (NASDAQ:INBX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Inhibrx, Inc. (NASDAQ:INBX) at the end of the third quarter, which was 15 in the previous quarter.
We discussed Inhibrx, Inc. (NASDAQ:INBX) in another article and shared the best stocks to buy under $20 according to billionaire Andreas Halvorsen’s Viking Globa. 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.
