Alger Mid Cap Focus Fund recently released its Q4 2020 Investor Letter, a copy of which you can download here. Class Z shares of the Alger Mid Cap Focus Fund outperformed the Russell Midcap Growth Index during the fourth quarter of 2020. You should check out Alger Mid Cap Focus Fund’s top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021.
In the Q4 2020 Investor Letter, Alger Mid Cap Focus Fund highlighted a few stocks and Quidel Corp (NASDAQ:QDEL) is one of them. Quidel Corp (NASDAQ:QDEL) is a manufacturer of diagnostic healthcare products that are sold worldwide. In the last three months, Quidel Corp (NASDAQ:QDEL) stock gained 3.9% and on January 29th it had a closing price of $250.97. Here is what Alger Mid Cap Focus Fund said:
“Quidel develops, manufactures and markets rapid point-of-care diagnostic solutions worldwide that are used for infectious disease, cardiac and toxicology testing. Quidel’s solutions are mainly used at point-of-care locations. such as physicians’ offices, hospitals. urgent care clinics, pharmacies, wellness screening clinics and clinical laboratories when quality. highly sensitive, low cost, easy-to-use and fast diagnosis is particularly important. Shares of the company underperformed during the fourth quarter due to general concern that Covid-19 vaccines may result in decreased demand for Quidel’sCovid-19 testing products. Potential exists for demand to decrease in 2022, but Covid-19 testing is still experiencing strong utilization while vaccines are being distributed. a process that can last throughout 2021. In addition. we believe the need for testing can potentially last longer than the market is currently assuming. Quidel has a significantly enhanced position in rapid point-of-care infectious disease testing. with a significant number of new instrument customers as a result of the pandemic.
Quidel also has a robust product pipeline outside of Covid-19. including the expected launch of its Savanna instrument by mid-2021 to offer rapid molecular testing with a panel of up to 8-12 tests at a time from a single patient sample. Additionally, Covid¬19 testing is allowing Qu idel to build a sizable cash position, which it can potentially deploy on accretive mergers and acquisitions.”
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In Q3 2020, the number of bullish hedge fund positions on Quidel Corp (NASDAQ:QDEL) stock increased by about 31% from the previous quarter (see the chart here), so a number of other hedge fund managers believe in Quidel’s growth potential. Our calculations showed that Quidel Corp (NASDAQ:QDEL) isn’t ranked among the 30 most popular stocks among hedge funds.
The top 10 stocks among hedge funds returned 216% since the end of 2014 and outperformed the S&P 500 Index ETFs by more than 121 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Below you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
Video: Top 5 Stocks Among Hedge Funds
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Disclosure: None. This article is originally published at Insider Monkey.
