ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Despite strong performance from healthcare holdings, the Strategy lagged its benchmark, the Russell 2000 Value Index, due to headwinds in the materials and industrial sectors. While investors continued to focus on a limited number of AI beneficiaries and bitcoin plays, the rest of the market was hit by the economic slowdown and a higher-for-longer interest rate expectation. This made the second quarter particularly difficult to navigate for small-cap stocks. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Small Cap Value Strategy highlighted stocks like Corcept Therapeutics Incorporated (NASDAQ:CORT), in the second quarter 2024 investor letter. Corcept Therapeutics Incorporated (NASDAQ:CORT) engages in the discovery and development of drugs. The one-month return of Corcept Therapeutics Incorporated (NASDAQ:CORT) was 27.76%, and its shares gained 35.93% of their value over the last 52 weeks. On September 24, 2024, Corcept Therapeutics Incorporated (NASDAQ:CORT) stock closed at $44.00 per share with a market capitalization of $4.598 billion.
ClearBridge Small Cap Value Strategy stated the following regarding Corcept Therapeutics Incorporated (NASDAQ:CORT) in its Q2 2024 investor letter:
“Health care results lifted relative performance during the period and included our top two individual performers in Lantheus and newer portfolio addition Corcept Therapeutics Incorporated (NASDAQ:CORT). Corcept, which was added last quarter, announced that it had successfully reached its main goal in its Phase 3 trial for its treatment for patients with Cushing’s syndrome. We believe the new drug’s efficacy and safety significantly increases its likelihood of approval and offers an attractive growth runway via possible extension into other indications.”
A biologist in a lab coat studying a culture of cells to find a cure for metabolic disorders.
Corcept Therapeutics Incorporated (NASDAQ:CORT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Corcept Therapeutics Incorporated (NASDAQ:CORT) at the end of the second quarter which was 19 in the previous quarter. In the second quarter, Corcept Therapeutics Incorporated (NASDAQ:CORT) reported $163.8 million in revenues, up 39% year-over-year. While we acknowledge the potential of Corcept Therapeutics Incorporated (NASDAQ:CORT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Corcept Therapeutics Incorporated (NASDAQ:CORT) and shared ClearBridge Small Cap Value Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2024 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.