TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like RAPT Therapeutics, Inc. (NASDAQ:RAPT), in the first quarter 2024 investor letter. RAPT Therapeutics, Inc. (NASDAQ:RAPT) is a clinical-stage immunology-based biopharmaceutical company. The one-month return of RAPT Therapeutics, Inc. (NASDAQ:RAPT) was -26.08%, and its shares lost 85.19% of their value over the last 52 weeks. On June 20, 2024, RAPT Therapeutics, Inc. (NASDAQ:RAPT) stock closed at $3.09 per share with a market capitalization of $110.983 million.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding RAPT Therapeutics, Inc. (NASDAQ:RAPT) in its first quarter 2024 investor letter:
“Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. RAPT Therapeutics, Inc. (NASDAQ:RAPT) operates as a clinical-stage immunology-based biopharmaceutical company focused on the discovery and development of small molecule therapies for oncology and inflammatory diseases. During the quarter, the company announced that two studies (atopic dermatitis and asthma) for its zelnecirnon therapy were put on clinical hold following a complication experienced by one dermatitis patient in the study. We decided to liquidate the position on this development, with its shares tumbling -64% for the time it was held this quarter.”
A scientist in a state-of-the-art laboratory handling biopharmaceutical compounds.
RAPT Therapeutics, Inc. (NASDAQ:RAPT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held RAPT Therapeutics, Inc. (NASDAQ:RAPT) at the end of the first quarter which was 24 in the previous quarter. While we acknowledge the potential of RAPT Therapeutics, Inc. (NASDAQ:RAPT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
TimesSquare Capital U.S. Small Cap Growth Strategy commented initiated a position in RAPT Therapeutics, Inc. (NASDAQ:RAPT) in the previous quarter. 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.
