Baron Funds, an investment management company, released the “Baron Health Care Fund” in the third quarter of 2022 investor letter. A copy of it can be downloaded here. In the third quarter, the fund fell 6.01% compared to a 4.72% decline for the Russell 3000 Health Care Index. The fund’s poor performance in the quarter was due to poor stock selection. In addition, please review the fund’s top five holdings to find out its best picks in 2022.
Baron Funds highlighted stocks like Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) in the third quarter 2022 investor letter. Headquartered in Cambridge, Massachusetts, Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is a biopharmaceutical company. On October 17, 2022, the stock of Alnylam Pharmaceuticals, Inc. closed. (NASDAQ:ALNY) at $195.09 per share. The one month return of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is -9.68% and its shares have lost 4.32% of their value over the past 52 weeks. Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) has a market capitalization of $23.416 billion.
Here’s what Baron Funds specifically said about Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) in its Q3 2022 investor letter:
“We started a position at Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), a commercial-stage biopharmaceutical company that pioneered a new class of innovative drugs based on RNA interference (RNAi). This class of drugs works by silencing the messenger RNA that encodes for proteins that can cause disease, thereby preventing the production of these disease-causing proteins. Alnylam’s proven platform has demonstrated a higher probability of success in drug development compared to the general industry with five drugs approved in less than four years. In the quarter, the company reported positive results from its Apollo-B Phase 3 study of Patisiran in patients with ATTR Amyloidosis with Cardiomyopathy, a rare, progressively debilitating, and fatal disease caused by misfolded TTR proteins that accumulate as amyloid deposits in the heart, nerves, and GI tract. Alnylam also has several other late-stage drugs in the pipeline including a new blood pressure drug in Phase 2 studies that could potentially be delivered as a twice-yearly dose. Alnylam has extensive intellectual property with core RNAi technology, delivery, and product-specific protection, and is positioned to achieve sustainable profitability over the next several years.”
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Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) was not on our list of the 30 Most Popular Stocks in Hedge Funds. According to our database, 40 hedge fund portfolios hold Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) at the end of the second quarter, which was 38 last quarter.
We discussed Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) in another article and we shared the list of stocks to buy before the next pandemic. In addition, please see 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 was originally published on Insider Monkey.