Fidelity Investments, an investment management company, released its “Fidelity Growth Strategies Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned -2.39% in the quarter, modestly outpacing the benchmark Russell Midcap Growth Index’s -3.21% return. Security selection drove the outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Fidelity Growth Strategies Fund highlighted stocks like Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) in the second quarter 2024 investor letter. Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is a biopharmaceutical company. The one-month return of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) was 8.37%, and its shares gained 59.06% of their value over the last 52 weeks. On September 30, 2024, Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) stock closed at $275.03 per share with a market capitalization of $35.309 billion.
Fidelity Growth Strategies Fund stated the following regarding Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) in its Q2 2024 investor letter:
“Lastly, not holding biopharmaceutical firm Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) (+63%) also hurt. The stock was range-bound until June 24, when it surged on news that the maker of RNA interference therapeutics achieved favorable top-line results in a late-stage clinical trial for its cardiovascular treatment, vutrisiran. Management noted the drug’s potential to address the needs of patients with a steadily progressive, debilitating and ultimately fatal disease.”
A researcher studying genetic medicines under a microscope in a biopharmaceutical laboratory.
Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) at the end of the second quarter which was 46 in the previous quarter. Alnylam Pharmaceuticals, Inc.’s (NASDAQ:ALNY) total product revenue for the second quarter climbed by 34% to $410 million compared to Q2 2023. While we acknowledge the potential of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) 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 Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) and shared the list of best aggressive growth stocks to buy according to hedge funds. Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) contributed to the performance of Carillon Eagle Mid Cap Growth Fund in Q2 2024. In addition, please check out our hedge fund investor letters Q2 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.