Renaissance Investment Management, an investment management company, released its “Midcap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.23% (net) compared to a 6.90% return for the Russell Midcap Growth Index. The strategy declined -13.42% (net) in 2022 compared to a -26.72% decline for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Midcap Growth Strategy highlighted stocks like Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) in the Q4 2022 investor letter. Headquartered in Dublin, Ireland, Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) is a biotechnology company. On March 22, 2023, Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) stock closed at $107.32 per share. One-month return of Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) was -3.11%, and its shares lost 1.08% of their value over the last 52 weeks. Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) has a market capitalization of $24.517 billion.
Renaissance Midcap Growth Strategy made the following comment about Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) in its Q4 2022 investor letter:
“In the fourth quarter, Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) was our strongest performing stock, returning 83.9%. The company announced that it is being acquired by Amgen (AMGN) in a deal valued at approximately $26.4 billion. Horizon possesses several core assets, including Tepezza, the de facto drug treatment for thyroid eye disease, a solid mix of other medications, and a robust drug pipeline that should help Amgen offset potential revenue losses when several of its large drugs come off patent protection in upcoming years.”
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Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) at the end of the fourth quarter which was 57 in the previous quarter.
We discussed Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) in another article and shared ClearBridge Select Strategy’s views on the company. 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.
