Aristotle Atlantic Partners, an investment management firm, released its second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Aristotle Atlantic’s Core Equity Composite posted a total return of 9.29 % gross of fees (9.18% net of fees), outperforming the S&P 500 Index, which recorded a total return of 8.74%. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q2 2023 investor letter, Aristotle Atlantic Partners mentioned Adaptive Biotechnologies Corporation (NASDAQ:ADPT) and explained its insights for the company. Founded in 2009, Adaptive Biotechnologies Corporation (NASDAQ:ADPT) is a Seattle, Washington-based biotech company with a $1.1 billion market capitalization. Adaptive Biotechnologies Corporation (NASDAQ:ADPT) delivered a 5.63% return since the beginning of the year, while its 12-month returns are down by -11.90%. The stock closed at $8.07 per share on July 28, 2023.
Here is what Aristotle Atlantic Partners has to say about Adaptive Biotechnologies Corporation (NASDAQ:ADPT) in its Q2 2023 investor letter:
“Adaptive Biotechnology shares ended the quarter lower despite the company reporting a small revenue beat and accelerating clinical volumes. Clinical volumes rose 54% year-over-year in the quarter and grew 15% sequentially. The company is wellfunded, and momentum is building in their minimal residual testing business. Additionally, the company’s drug development partner, Genetech, reported Food and Drug Administration’s (FDA) acceptance of an investigational new drug application on the collaboration’s first T-cell receptor-based therapy. The weakness during the quarter was most likely attributable to increasing interest rates and the negative implication of higher rates for emerging growth companies.”
Photo by National Cancer Institute on Unsplash
Our calculations show that Adaptive Biotechnologies Corporation (NASDAQ:ADPT) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Adaptive Biotechnologies Corporation (NASDAQ:ADPT) was in 22 hedge fund portfolios at the end of the second quarter of 2023, compared to 22 funds in the previous quarter. Adaptive Biotechnologies Corporation (NASDAQ:ADPT) delivered a 13.03% return in the past 3 months.
We also discussed Adaptive Biotechnologies Corporation (NASDAQ:ADPT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.