Baron Funds, an investment management company, released its “Baron Health Care Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund advanced 7.69% (Institutional Shares) in the quarter compared to a 6.96% gain for the Russell 3000 Health Care Index and an 11.69% increase for the S&P 500 Index. For the full year, the fund increased 6.42%, compared to 2.87% and 26.29% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund featured stocks such as Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in the fourth quarter 2023 investor letter. Headquartered in Cranbury, New Jersey, Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) is a multi-platform biotechnology company. On January 19, 2024, Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) stock closed at $26.56 per share. One-month return of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) was -11.76%, and its shares gained 29.88% of their value over the last 52 weeks. Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has a market capitalization of $2.395 billion.
Baron Health Care Fund stated the following regarding Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in its fourth quarter 2023 investor letter:
“Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) specializes in the development of gene therapies for rare, life-threatening inherited genetic diseases. The company’s current programs include, among others, gene therapies for Danon disease, Fanconi Anemia, Leukocyte Adhesion Deficiency-1 (LAD-1), and Pyruvate Kinase Disorder. The first three drug treatments should all be commercially launched by 2025, potentially generating substantial revenue for the company. Shares increased on the announcement of a pivotal trial design for Danon disease that had been previously delayed by two to three months. In addition, the first-ever approval of a gene editing therapy for sickle cell disease was a positive for the genetic medicine space. Near term, the focus is on next steps in the clinical trials as well as execution on initial commercial launches for Fanconi Anemia and LAD-1. Given the life-saving nature of Rocket’s therapies and the high unmet need for each of these diseases, we retain conviction in our investment.”
Scientific equipment in a lab setting, revealing the cutting edge of biotechnology research.
Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) at the end of third quarter which was 28 in the previous quarter.
We discussed Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in another article and shared the list of most promising biotech stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 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.
