Should You Exit Catalent (CTLT)?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth Index and returned 6.03% (gross), and the index return was 4.72%. For the full year, the strategy return was -25.06% (gross) compared to a -26.21% return for the benchmark. The relative weakness in the Information Technology and Energy sectors in the quarter was offset by strength in the Financials, Consumer Discretionary, Health Care, and Industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare U.S. Small/Mid Cap Growth Strategy highlighted stocks like Catalent, Inc. (NYSE:CTLT) in its Q4 2022 investor letter. Headquartered in Somerset, New Jersey, Catalent, Inc. (NYSE:CTLT) is a drug, protein-based biologics, cell, and gene therapies manufacturer. On March 23, 2023, Catalent, Inc. (NYSE:CTLT) stock closed at $62.64 per share. One-month return of Catalent, Inc. (NYSE:CTLT) was -7.86%, and its shares lost 41.50% of their value over the last 52 weeks. Catalent, Inc. (NYSE:CTLT) has a market capitalization of $11.281 billion.

TimesSquare U.S. Small/Mid Cap Growth Strategy made the following comment about Catalent, Inc. (NYSE:CTLT) in its Q4 2022 investor letter:

“Undercutting that contribution was the poor showing from Catalent, Inc. (NYSE:CTLT), which provides delivery technologies and development solutions for a variety of medical health products. Its results came in below consensus expectations as well as our estimates. We decided to exit the position, which was down by -36% while we owned it this quarter.”

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Catalent, Inc. (NYSE:CTLT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Catalent, Inc. (NYSE:CTLT) at the end of the fourth quarter which was 37 in the previous quarter.

We discussed Catalent, Inc. (NYSE:CTLT) in another article and shared ClearBridge Mid Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.