Will AstraZeneca PLC (AZN) Deliver Promising Return?

Baron Funds, an investment management company, released its “Baron International Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 11.51% (Institutional Shares), compared to a 9.91% decline for its principal benchmark, the MSCI ACWI ex USA Index. Due to global weakness in equities and bonds, the fund lagged behind its two benchmark indices, the all-cap growth proxy and MSCI ACWI ex USA Index, in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds discussed stocks like AstraZeneca PLC (NASDAQ:AZN) in the Q3 2022 investor letter. Headquartered in Cambridge, the United Kingdom, AstraZeneca PLC (NASDAQ:AZN) is a global biopharmaceutical company. On November 1, 2022, AstraZeneca PLC (NASDAQ:AZN) stock closed at $59.85 per share. One-month return of AstraZeneca PLC (NASDAQ:AZN) was 5.50%, and its shares lost 6.24% of their value over the last 52 weeks. AstraZeneca PLC (NASDAQ:AZN) has a market capitalization of $185.476 billion.

Here is what Baron Funds specifically said about AstraZeneca PLC (NASDAQ:AZN)  in its Q3 2022 investor letter:

“AstraZeneca PLC (NASDAQ:AZN) is a global pharmaceutical company focused on oncology, respiratory, cardiovascular, and metabolism drugs. Despite incremental positive news flow, shares got caught up in the broader flight to safety that started late in the quarter. We retain conviction in AstraZeneca given its best-in-class growth profile combined with its strong pipeline and commercial launch characteristics. We highlight breast cancer drugs Enhertu and Dato-DXd as two promising near-term opportunities.”

AstraZeneca PLC (NASDAQ:AZN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held AstraZeneca PLC (NASDAQ:AZN) at the end of the second quarter which was 45 in the previous quarter.

We discussed AstraZeneca PLC (NASDAQ:AZN) in another article and shared the best pharma dividend stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.