Fred Alger Management, an investment management company, released its “Alger Small Cap Focus Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund underperformed the Russell 2000 Growth Index. The Consumer Discretionary and Energy sectors contributed to the fund’s relative performance in the quarter, while Information Technology and Industrials detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Small Cap Focus Fund highlighted stocks like Repligen Corporation (NASDAQ:RGEN) in the second quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Repligen Corporation (NASDAQ:RGEN) develops and distributes bioprocessing technologies and systems. On September 5, 2023, Repligen Corporation (NASDAQ:RGEN) stock closed at $169.41 per share. One-month return of Repligen Corporation (NASDAQ:RGEN) was -1.99%, and its shares lost 23.82% of their value over the last 52 weeks. Repligen Corporation (NASDAQ:RGEN) has a market capitalization of $9.446 billion.
Alger Small Cap Focus Fund made the following comment about Repligen Corporation (NASDAQ:RGEN) in its Q2 2023 investor letter:
“Repligen Corporation (NASDAQ:RGEN) is a life science organization committed to supplying tools, consumables, and data analytics to the bioprocessing industry. It functions via four divisions: Filtration, Chromatography. Proteins & Affinity Resins, and Process Analytics. Repligen’s offerings play a key role in the creation and production of biological therapeutics, such as monoclonal antibodies, recombinant proteins, viral vectors, and cell and gene therapies. While the company reported fiscal first quarter results that were roughly in-line with consensus estimates, management lowered their full year 2023 forward guidance for revenues and earnings. The downward revision was attributed to destocking pressures throughout the bioprocessing industry, as inventory levels built up during the Covid-19 remain higher than expected. leading to irregular order patterns in the near-term. Further, a 40% quarterly drop in orders from China, approximately 10% of company sales, has raised concerns about China’s recovery from Covid-19 lockdowns.”
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Repligen Corporation (NASDAQ:RGEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Repligen Corporation (NASDAQ:RGEN) at the end of second quarter which was 27 in the previous quarter.
We discussed Repligen Corporation (NASDAQ:RGEN) in another article and shared Baron Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.
