Bronte Capital, an investment management company, released its “Amalthea Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund was down 3.72% for the quarter vs. +2.54% for the MSCI ACWI (in $A). It was down 5.59% in September vs. -0.35% for the index. The market rose in the third quarter, reaching new peaks, with a minor dip in late August and early September. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Amalthea Fund highlighted stocks like Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) in the Q3 2024 investor letter. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is a biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for treating various diseases. The one-month return of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) was -20.82%, and its shares lost 4.61% of their value over the last 52 weeks. On November 18, 2024, Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) stock closed at $762.00 per share with a market capitalization of $83.165 billion.
Amalthea Fund stated the following regarding Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) in its Q3 2024 investor letter:
“Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) – the biggest loser in the book by absolute dollars. Regeneron is a large position for us. We wrote the position up in June 2021 letter. The stock has almost doubled since the original write-up, but it is down on the month. Allow some time for an explanation There are two ways of looking at Regeneron. The sum-of-the-parts way and the platform way.
Regeneron has 11 approved drugs but two comprise most of the cash flows. The two are Eylea and Dupixent.
Eylea is a VEGF drug that is injected into patients’ eyes and stops macular degeneration (the main cause of blindness in old people). The drug stops capillaries growing in the retina…” (Click here to read the full text)
A pharmacist in a lab coat carefully analyzing a vial of medicine for its quality.
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) at the end of the third quarter which was 57 in the previous quarter. In the third quarter, Regeneron Pharmaceuticals, Inc.’s (NASDAQ:REGN) total revenues grew 11% to $3.72 billion. While we acknowledge the potential of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) 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 Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and shared Baron Health Care Fund’s views on the company. 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.