Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The market rally continued in the first quarter of 2024, supported by positive inflation data and robust economic signs. The fund returned 6.04% (net) in the first quarter compared to the Russell 2000 Growth Index’s 7.58% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Meridian Small Cap Growth Fund highlighted stocks like Neurogene Inc. (NASDAQ:NGNE), in the first quarter 2024 investor letter. Neurogene Inc. (NASDAQ:NGNE) is a biotechnology company. The one-month return of Neurogene Inc. (NASDAQ:NGNE) was -6.77%, and its shares gained 92.85% of their value over the last 52 weeks. On June 18, 2024, Neurogene Inc. (NASDAQ:NGNE) stock closed at $30.32 per share with a market capitalization of $393.563 million.
Meridian Small Cap Growth Fund stated the following regarding Neurogene Inc. (NASDAQ:NGNE) in its first quarter 2024 investor letter:
“Neurogene Inc. (NASDAQ:NGNE) is a gene therapy company with a focus on rare neurological diseases. The company’s novel and proprietary EXACT transgene regulation platform technology allows for the delivery of therapeutic gene expression levels while limiting transgene toxicity associated with conventional gene therapy. The company currently has two early-stage clinical programs focusing on Rett syndrome and Batten disease. During the quarter, the stock responded positively to the finalization of the company’s strategic reverse merger and additional private financing that provided a nearly $200 million cash infusion to its balance sheet. The transaction puts Neurogene in a well-funded position to advance its clinical programs. We trimmed our position as the share price appreciated during the period.”
A scientist in a laboratory coat looking into a microscope at human bone regeneration samples.
Neurogene Inc. (NASDAQ:NGNE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Neurogene Inc. (NASDAQ:NGNE) at the end of the first quarter which was 14 in the previous quarter. While we acknowledge the potential of Neurogene Inc. (NASDAQ:NGNE) 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 addition, please check out our hedge fund investor letters Q1 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.