Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fourth quarter witnessed a significant easing in financial conditions, which was most notable in the final two months. Class A shares of the fund outperformed the Russell 2000 Growth Index during the quarter. The Information Technology and Healthcare sectors contributed to the fund’s relative performance in the quarter, while financial and consumer staples 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 Growth Fund featured stocks like Cabaletta Bio, Inc. (NASDAQ:CABA) in its Q4 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Cabaletta Bio, Inc. (NASDAQ:CABA) is a clinical-stage biotechnology company. On February 26, 2024, Cabaletta Bio, Inc. (NASDAQ:CABA) stock closed at $23.54 per share. One-month return of Cabaletta Bio, Inc. (NASDAQ:CABA) was 12.24%, and its shares gained 168.67% of their value over the last 52 weeks. Cabaletta Bio, Inc. (NASDAQ:CABA) has a market capitalization of $1.018 billion.
Alger Small Cap Growth Fund stated the following regarding Cabaletta Bio, Inc. (NASDAQ:CABA) in its fourth quarter 2023 investor letter:
“Cabaletta Bio, Inc. (NASDAQ:CABA) is a clinical-stage biotechnology company focused on the discovery and development of targeted cell therapies for autoimmune diseases. The company’s leading candidate, CABA-201, usd a cell therapy approach for the treatment of lupus and myositis, where the U.S. Food and Drug Administration has accepted CABA-201 for New Drug Applications, setting the stage for initial phase 1/2 readouts in the first half of 2024. We believe CABA-201 represents a multibillion-dollar opportunity for the treatment of autoimmune diseases. During the quarter, shares contributed to performance where biotechnology stocks rallied on lower interest rates and several acquisitions, Additionally, the company has reported positive clinical developments throughout the year which encouraged investors to anticipate an effective regulatory pathway to approval in our view.”
A researcher in the preclinical development stage working in a laboratory with test tubes and a microscope.
Cabaletta Bio, Inc. (NASDAQ:CABA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Cabaletta Bio, Inc. (NASDAQ:CABA) was held by 24 hedge fund portfolios, up from 15 in the previous quarter, according to our database.
We discussed Cabaletta Bio, Inc. (NASDAQ:CABA) in another article and shared the list of best-performing stocks in the last 12 months. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 17 Safest Places to Retire Abroad for Less Than $3,000 a Month
- 11 Cheap AI Stocks to Buy in 2024
- 30 Cheapest Places To Visit In The World
Disclosure: None. This article is originally published at Insider Monkey.
