Tourlite Capital Management, an investment management firm, released its third quarter 2024 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class returned 4.5% for Q3 2024 and 13.8% year-t0-date while the S&P 500 Index returned 5.9% and 9.3%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Tourlite Capital Management highlighted stocks like Arbutus Biopharma Corporation (NASDAQ:ABUS), in the third quarter 2024 investor letter. Arbutus Biopharma Corporation (NASDAQ:ABUS) is a biopharmaceutical company that develops novel therapeutics for HBV infection. The one-month return of Arbutus Biopharma Corporation (NASDAQ:ABUS) was -3.20%, and its shares gained 75.36% of their value over the last 52 weeks. On December 5, 2024, Arbutus Biopharma Corporation (NASDAQ:ABUS) stock closed at $3.6300 per share with a market capitalization of $687.856 million.
Tourlite Capital Management stated the following regarding Arbutus Biopharma Corporation (NASDAQ:ABUS) in its Q3 2024 investor letter:
“While our primary interest in Arbutus Biopharma Corporation (NASDAQ:ABUS) is its exposure to the LNP litigation, much of this remains in Roivant’s hands. Although there were no major developments this quarter, positive commentary from Roivant’s management and favorable sell-side research have had a positive impact on Arbutus’s share price. Additionally, Arbutus discontinued its at the-market offering during the quarter, signaling a shift in focus toward advancing its HepB assets internally.”
A shot of a laboratory team in lab coats and safety gloves preparing biopharmaceuticals.
Arbutus Biopharma Corporation (NASDAQ:ABUS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Arbutus Biopharma Corporation (NASDAQ:ABUS) at the end of the third quarter which was 15 in the previous quarter. While we acknowledge the potential of Arbutus Biopharma Corporation (NASDAQ:ABUS) 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 Arbutus Biopharma Corporation (NASDAQ:ABUS) and shared the list of best debt-free penny stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.