Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Major index returns increased throughout the quarter due to strong earnings from large-cap technology companies, especially those connected to artificial intelligence. In the second quarter, the fund returned -1.86% (net) outperforming the benchmark, the Russell 2500 Growth Index’s -4.22% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Meridian Growth Fund highlighted stocks like Agios Pharmaceuticals, Inc. (NASDAQ:AGIO), in the second quarter 2024 investor letter. Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) is a biopharmaceutical company that develops medicines in the field of cellular metabolism. The one-month return of Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) was 1.20%, and its shares gained 81.13% of their value over the last 52 weeks. On September 16, 2024, Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) stock closed at $45.41 per share with a market capitalization of $2.584 billion.
Meridian Growth Fund stated the following regarding Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) in its Q2 2024 investor letter:
“Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) is a leader in cellular metabolism and pyruvate kinase activation pioneering therapies for rare diseases. The stock appreciated in the quarter after it announced positive Phase 3 testing results of mitapivat, a therapy for adults with non-transfusion dependent thalassemia, an anemia blood disorder. With these results, we expect an FDA filing for the drug in the back half of this year for approval. The company also sold its 15% royalty on a cancer drug, which provided a boost to its cash position that could be used to further develop and market mitapivat. We trimmed our position in the company based on our valuation discipline as the share price appreciated.”
A technician in a lab looks off into the distance, showcasing the research taking place at Agios Pharmaceuticals.
Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) at the end of the second quarter which was 30 in the previous quarter. While we acknowledge the potential of Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) 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 Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) and shared the list of top holdings of Caligan Partners. 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.