TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Royalty Pharma plc (NASDAQ:RPRX) in the third quarter 2023 investor letter. Headquartered in New York, New York, Royalty Pharma plc (NASDAQ:RPRX) is a buyer of biopharmaceutical royalties and a funder of innovations in the biopharmaceutical industry. On December 15, 2023, Royalty Pharma plc (NASDAQ:RPRX) stock closed at $27.37 per share. One-month return of Royalty Pharma plc (NASDAQ:RPRX) was 1.63%, and its shares lost 30.83% of their value over the last 52 weeks. Royalty Pharma plc (NASDAQ:RPRX) has a market capitalization of $16.411 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Royalty Pharma plc (NASDAQ:RPRX) in its Q3 2023 investor letter:
“Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. We have also been confounded by the -13% share price weakness associated with Royalty Pharma plc (NASDAQ:RPRX), which operates as a buyer of drug therapy royalty streams and a funder of innovation for the biopharmaceutical industry. The stock has not been given credit for its differentiated business model and additions to its royalty stream. We decided to sell out of the position and potentially revisit Royalty Pharma in the future.”
A biopharmaceutical facility with technicians working on a manufacturing line of treatments and preventions.
Royalty Pharma plc (NASDAQ:RPRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Royalty Pharma plc (NASDAQ:RPRX) at the end of third quarter which was 32 in the previous quarter.
We discussed Royalty Pharma plc (NASDAQ:RPRX) in another article and shared the list of most promising biotech stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q3 2023 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.
