Will the Current Downturn Affect Inogen (INGN)?

Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 11.20% in the first quarter compared to the Russell 2000 Growth Index’s return of 6.07%. The strong performance of holdings in the Information Technology (IT), Industrials, and Consumer Discretionary sectors and the Fund’s higher exposure to the top-performing IT sector led the fund to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Discovery Fund highlighted stocks like Inogen, Inc. (NASDAQ:INGN) in the first quarter 2023 investor letter. Headquartered in Goleta, California, Inogen, Inc. (NASDAQ:INGN) is a medical technology company. On May 15, 2023, Inogen, Inc. (NASDAQ:INGN) stock closed at $10.81 per share. One-month return of Inogen, Inc. (NASDAQ:INGN) was -14.88%, and its shares lost 58.25% of their value over the last 52 weeks. Inogen, Inc. (NASDAQ:INGN) has a market capitalization of $255.701 million.

Baron Discovery Fund made the following comment about Inogen, Inc. (NASDAQ:INGN) in its Q1 2023 investor letter:

“We exited a long-term investment in Inogen, Inc. (NASDAQ:INGN) While we like the company’s leading market position and its management team, we believe that the worldwide market for portable oxygen concentrators (which are not paid for by insurance) will be significantly constrained by the current downturn. Additionally, it appears to us that there is increased competition in the field.”

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Inogen, Inc. (NASDAQ:INGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Inogen, Inc. (NASDAQ:INGN) at the end of the fourth quarter which was 13 in the previous quarter.

We discussed Inogen, Inc. (NASDAQ:INGN) in another article and shared the list of best Humane stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.