Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined 6.05% (Institutional Shares) in the quarter compared to a 3.88% loss for the Russell 3000 Health Care Index and a 3.27% loss for the S&P 500 Index. Year-to-date through September 30, 2023, the fund declined 1.17%, compared to a 3.83% decline for the Russell 3000 Health Care Index and a 13.07% increase for the S&P 500 Index. The combination of stock selection and active sub-industry weights drove the underperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund highlighted stocks like Argenx SE (NASDAQ:ARGX) in the third quarter 2023 investor letter. Headquartered in Amsterdam, the Netherlands, Argenx SE (NASDAQ:ARGX) is a biotechnology company. On October 19, 2023, Argenx SE (NASDAQ:ARGX) stock closed at $479.81 per share. One-month return of Argenx SE (NASDAQ:ARGX) was -5.14%, and its shares gained 27.37% of their value over the last 52 weeks. Argenx SE (NASDAQ:ARGX) has a market capitalization of $28.926 billion.
Baron Health Care Fund made the following comment about Argenx SE (NASDAQ:ARGX) in its Q3 2023 investor letter:
“Argenx SE (NASDAQ:ARGX) is a commercial stage biopharmaceutical company focused on developing and commercializing therapies for rare autoimmune diseases. Shares increased in the quarter after the company reported positive data from a study of Vyvgart Hytrulo in adults with chronic inflammatory demyelinating polyneuropathy (CIDP). CIDP is an important commercial market representing billions of dollars in potential sales, which adds to the overall revenue opportunity for the Vyvgart franchise. We expect additional upcoming clinical data readouts to further increase the revenue opportunity for argenx.
We added to our position in argenx SE a commercial stage biopharmaceutical company focused on developing and commercializing therapies for rare autoimmune diseases. In July, argenx reported positive data from a study of Vyvgart Hytrulo in adults with CIDP. The study met its primary endpoint demonstrating a significantly lower risk of relapse with Vyvgart Hytrulo versus a placebo. This positive data adds to the commercial opportunity for Vyvgart, which is in the early stages of commercial launch for the treatment of myasthenia gravis (MG). We estimate CIDP represents an additional $3 billion revenue opportunity. We believe Vyvgart and the subcutaneous version Vyvgart Hytrulo have the potential to generate at least $7 billion in peak sales in MG, CIDP, primary immune thrombocytopenia, and pemphigus vulgaris. Plus, the company is studying Vyvgart in other autoimmune diseases and the ultimate peak sales potential for the franchise could be much higher. We continue to believe argenx is a unique growth company with strong management.”
A scientist in a lab coat examining a microscope, looking at the details of the biotechnology company’s immunotherapies. Editorial photo for a financial news article. 8k. –ar 16:9
Argenx SE (NASDAQ:ARGX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Argenx SE (NASDAQ:ARGX) at the end of second quarter which was 43 in the previous quarter.
We discussed Argenx SE (NASDAQ:ARGX) in another article and shared Baron Fifth Avenue Growth Fund’s views on the company in the previous quarter. 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.
