Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 6.01% compared to a 4.72% decline for the Russell 3000 Health Care Index. The fund’s underperformance in the quarter was attributed to poor stock selection. In addition, please check the fund’s top five holdings to know 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, Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) stock closed at $195.09 per share. One-month return of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) was -9.68% and its shares lost 4.32% of their value over the last 52 weeks. Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) has a market capitalization of $23.416 billion.
Here is what Baron Funds specifically said about Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) in its Q3 2022 investor letter:
“We initiated a position in Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), a commercial stage biopharmaceutical company which pioneered a new class of innovative medicines based on RNA interference (RNAi). This class of medicines acts by silencing the messenger RNA that encodes for the proteins that can cause disease, thereby preventing these disease-causing proteins from being made. Alnylam’s validated platform has demonstrated a higher probability of success in drug development versus the industry overall with five medicines approved in less than four years. During 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 which accumulate as amyloid deposits in the heart, nerves, and GI tract. Alnylam also has multiple other late-stage medicines in the pipeline including a new blood pressure drug in Phase 2 studies that can potentially be delivered as a twice-yearly shot. Alnylam has an extensive intellectual property estate with fundamental RNAi technology, delivery, and productspecific protection, and is in a position to achieve sustainable profitability within the next few years.”
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Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) at the end of the second quarter, which was 38 in the previous quarter.
We discussed Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) in another article and shared the list of stocks to buy before the next pandemic. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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