Renaissance Investment Management, an investment management company, released its “Midcap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -0.43% (net) compared to a -0.65% return for the Russell Midcap Growth Index. A focus on high-quality growth stocks at attractive valuations led the strategy to outperform the index in the quarter. The Consumer Discretionary and Energy sectors significantly contributed to the strategy’s performance while Health Care and Real Estate detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Investment highlighted stocks like Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) in its Q3 2022 investor letter. Headquartered in Dublin, Ireland, Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) is a biotechnology company. On December 29, 2022, Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) stock closed at $113.51 per share. One-month return of Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) was 12.52% and its shares gained 4.85% of their value over the last 52 weeks. Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) has a market capitalization of $25.763 billion.
Renaissance Investment made the following comment about Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) in its Q3 2022 investor letter:
“Lastly, Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) declined 22.4% after the company reported disappointing operating results as growth from the early adopters of its thyroid eye disease treatment began to slow. Management also acknowledged that the next leg of growth will require investments in distribution in order to reach new medical specialists and expand its tangible addressable market.”
Pressmaster/Shutterstock.com
Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) at the end of the third quarter, which was 67 in the previous quarter.
We discussed Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) in another article and shared the biggest European pharmaceutical companies. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- The Future of Artificial Intelligence
- 16 Biggest Car Companies By Revenue
- 12 Best Performing NASDAQ Stocks in 2022
Disclosure: None. This article is originally published at Insider Monkey.
