Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned -5.73%, Advisor Class fund APDMX posted a return of -5.67%, and Institutional Class fund APHMX returned -5.64%, compared to a -3.21% return for the Russell Midcap Growth Index. The portfolio generated negative absolute returns and underperformed the index in the second quarter. Modest negative security selection across multiple sectors, including information technology, industrials, communication services, and health care led to the underperformance and was partially offset by outperformance within consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Argenx SE (NASDAQ:ARGX) in the Q2 2024 investor letter. Argenx SE (NASDAQ:ARGX) is a biotechnology company. The one-month return of Argenx SE (NASDAQ:ARGX) was 22.22%, and its shares lost 8.80% of their value over the last 52 weeks. On July 15, 2024, Argenx SE (NASDAQ:ARGX) stock closed at $461.94 per share with a market capitalization of $27.454 billion.
Artisan Mid Cap Fund stated the following regarding Argenx SE (NASDAQ:ARGX) in its Q2 2024 investor letter:
“Among our top Q1 contributors were Tyler Technologies, Spotify and Argenx SE (NASDAQ:ARGX). Argenx is a commercial-stage biotechnology company with an approved first-in-class therapy (Vyvgart) for autoimmune diseases. The company received approval from the FDA to use Vyvgart for chronic inflammatory demyelinating polyradiculoneuropathy (CIDP), which we expect to be the drug’s second blockbuster indication given this is the first meaningful advance for patients in decades. Argenx estimates there are 41,000 diagnosed CIDP patients; 24,000 of those are receiving treatment, and 50% of those treated are either not responding well to treatment or experiencing negative side effects. Meanwhile, Vyvgart’s first approved indication in myasthenia gravis continues to shine, with sales expected to reach north of $1.5 billion this year. Lastly, the company continues to invest in clinical trials studying Vyvgart in numerous other rare autoimmune disorders and is making good progress in advancing its second breakthrough medicine.”
A lab setting filled with scientific equipment and researchers in lab coats working together to develop new therapies for autoimmune diseases.
Argenx SE (NASDAQ:ARGX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Argenx SE (NASDAQ:ARGX) at the end of the first quarter which was 53 in the previous quarter. While we acknowledge the potential of Argenx SE (NASDAQ:ARGX) 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.
In another article, we discussed Argenx SE (NASDAQ:ARGX) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company in the previous quarter. In its Q4 2023 quarterly commentary, Artisan Mid Cap Fund highlighted that despite robust sales progress, Argenx SE (NASDAQ:ARGX) faced R&D setbacks in the quarter. In addition, please check out our hedge fund investor letters Q2 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.
