Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund advanced 8.92% (Institutional Shares) in the quarter compared to an 8.52% gain for the Russell 3000 Health Care Index (benchmark) and a 10.56% increase for the S&P 500 Index. The fund rose 13.61% on an annualized basis since its inception on April 30, 2018, compared to an 11.45% gain for the benchmark and a 14.24% gain for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Health Care Fund featured stocks like Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in the first quarter 2024 investor letter. Headquartered in Cranbury, New Jersey, Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) is a biotechnology company. On April 23, 2024, Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) stock closed at $23.67 per share. One-month return of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) was -12.95%, and its shares gained 35.31% of their value over the last 52 weeks. Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has a market capitalization of $2.149 billion.
Baron Health Care Fund stated the following regarding Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in its first quarter 2024 investor letter:
“Somewhat offsetting the above was adverse stock selection in biotechnology and health care supplies coupled with cash exposure amid favorable market conditions. Weakness in biotechnology was mainly due to disappointing performance from Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) and Immunovant, Inc., whose shares fell double digits in the period. Rocket specializes in the development of gene therapies for rare genetic diseases outside of oncology. Currently these include Danon disease, Fanconi’s anemia, LAD-I, and Pyruvate kinase disorder. The first three drug treatments should all commercially launch by 2025, generating substantial potential revenue for the company. In the near term, Rocket’s shares were pressured by a three-month FDA delay to their initial commercial asset in LAD-1 and the added overhang of slow gene therapy launches from bluebird bio in sickle cell disease and BioMarin in hemophilia B. Given the life-saving nature of Rocket’s therapies and the high unmet need for treatments and cures 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. At the end of the fourth quarter, Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) was held by 32 hedge fund portfolios, compared to 27 in the previous quarter, according to our database.
We discussed Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in another article where we shared best strong buy stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 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.
