Should You Invest in AstraZeneca PLC (AZN)?

Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 6.01% compared to a 4.72% decline for the Russell 3000 Health Care Index. The fund’s underperformance in the quarter was attributed to poor stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like AstraZeneca PLC (NASDAQ:AZN) in its Q3 2022 investor letter. Headquartered in Cambridge, the United Kingdom, AstraZeneca PLC (NASDAQ:AZN) is a biopharmaceutical company. On October 14, 2022, AstraZeneca PLC (NASDAQ:AZN) stock closed at $54.97 per share. One-month return of AstraZeneca PLC (NASDAQ:AZN) was -5.21% and its shares lost 7.29% of their value over the last 52 weeks. AstraZeneca PLC (NASDAQ:AZN) has a market capitalization of $168.242 billion.

Here is what Baron Funds specifically said about AstraZeneca PLC (NASDAQ:AZN) in its Q3 2022 investor letter:

“AstraZeneca PLC (NASDAQ:AZN) is a global pharmaceutical company focused on oncology, respiratory, cardiovascular, and metabolism drugs. Despite incremental positive news flow, shares were hurt by the broader flight out of European stocks and the decline in the British Pound that started late in the quarter. We retain conviction in AstraZeneca given its best-in-class growth profile combined with its strong pipeline and commercial launch characteristics. We highlight breast cancer drugs Enhertu and Dato-DXd as two promising near-term opportunities.”

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AstraZeneca PLC (NASDAQ:AZN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held AstraZeneca PLC (NASDAQ:AZN) at the end of the second quarter which was 45 in the previous quarter.

We discussed AstraZeneca PLC (NASDAQ:AZN) in another article and shared the list of the best cancer stocks. In addition, please check out our hedge fund investor letters Q3 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.