Here’s Why Halozyme Therapeutics (HALO) Declined in Q1
Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, its Investor Class fund ARTSX returned 7.60%, Advisor Class fund APDSX posted a return of 7.63%, and Institutional Class fund APHSX returned 7.62%, compared to a return of 6.07% for the Russell 2000 Growth Index. Both allocation and security selection drove the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Halozyme Therapeutics, Inc. (NASDAQ:HALO) in the first quarter 2023 investor letter. Based in San Diego, California, Halozyme Therapeutics, Inc. (NASDAQ:HALO) is a biopharma technology company. On May 19, 2023, Halozyme Therapeutics, Inc. (NASDAQ:HALO) stock closed at $33.87 per share. One-month return of Halozyme Therapeutics, Inc. (NASDAQ:HALO) was 0.98%, and its shares lost 23.60% of their value over the last 52 weeks. Halozyme Therapeutics, Inc. (NASDAQ:HALO) has a market capitalization of $4.46 billion.
Artisan Small Cap Fund made the following comment about Halozyme Therapeutics, Inc. (NASDAQ:HALO) in its Q1 2023 investor letter:
"Halozyme Therapeutics, Inc. (NASDAQ:HALO) is a biotechnology firm with a unique technology platform enabling the conversion of intravenous formulated biologic and small molecule drugs to a subcutaneous formulation. Pharmaceutical companies license this technology to optimize their valuable therapies, generating predictable and durable royalties for Halozyme. The company has a robust pipeline of 16 products and over 10 companies leveraging its ENHANZE® platform, including a partnership with Argenx (another portfolio holding) for a subcutaneous format of efgartigimod, which could obtain approval in 2023. Shares fell after Halozyme pushed a royalty milestone from 2023 to 2024 and held to its long-standing tradition of providing conservative guidance. We were surprised by the share weakness and remain optimistic about the company’s long-term fundamental outlook. Today, Halozyme receives royalties on commercial sales of five products. Over the next five years, we believe its base of royalty generating products could triple. Despite our belief that the thesis remains intact, we did trim the position to manage the position size."
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Halozyme Therapeutics, Inc. (NASDAQ:HALO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Halozyme Therapeutics, Inc. (NASDAQ:HALO) at the end of the fourth quarter which was 21 in the previous quarter.
We discussed Halozyme Therapeutics, Inc. (NASDAQ:HALO) in another article and shared Bernzott Capital Advisors' views on the company. 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.
