Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the fund outperformed the Russell 2000 Growth Index. Consumer discretionary and industrial sectors contributed to the fund’s relative performance in the quarter, while healthcare and energy sectors were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like QuidelOrtho Corporation (NASDAQ:QDEL) in the Q3 2022 investor letter. Headquartered in San Diego, California, QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostic testing technologies manufacturer. On November 7, QuidelOrtho Corporation (NASDAQ:QDEL) stock closed at $88.55 per share. One-month return of QuidelOrtho Corporation (NASDAQ:QDEL) was 30.11% and its shares lost 27.53% of their value over the last 52 weeks. QuidelOrtho Corporation (NASDAQ:QDEL) has a market capitalization of $5.929 billion.
Alger Capital made the following comment about QuidelOrtho Corporation (NASDAQ:QDEL) in its Q3 2022 investor letter:
"QuidelOrtho Corporation (NASDAQ:QDEL) is a global diagnostics company formed by the May 2022 merger of Quidel and Ortho Clinical Diagnostics. The legacy Quidel business develops, manufactures and markets rapid point-of-care diagnostic solutions worldwide used for infectious disease, cardiac and toxicology testing. The legacy ortho clinical diagnostics business is a leading provider of immunodiagnostics and clinical chemistry solutions, which include instruments and associated consumables. Reference and hospital laboratories are the primary purchasers of Ortho's products.
We believe Quidel's stock underperformance in the third quarter is primarily attributable to legacy Ortho Clinical Diagnostics shareholders selling their positions after the merger closed. Additionally, COVID-19 testing demand has weakened due to declining infection rates as a greater proportion of the global population is vaccinated. However, we believe demand for COVID-19 and respiratory illness testing may increase heading into winter, a season when respiratory viruses typically spread rapidly."
QuidelOrtho Corporation (NASDAQ:QDEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held QuidelOrtho Corporation (NASDAQ:QDEL) at the end of the second quarter which was 26 in the previous quarter.
We discussed QuidelOrtho Corporation (NASDAQ:QDEL) in another article in October 2022 and shared the list of stocks gaining value. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.