Yahoo Finance Reason for the Surge of ICON Public Limited Company (ICLR)
Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund advanced 8.92% (Institutional Shares) in the quarter compared to an 8.52% gain for the Russell 3000 Health Care Index (benchmark) and a 10.56% increase for the S&P 500 Index. The fund rose 13.61% on an annualized basis since its inception on April 30, 2018, compared to an 11.45% gain for the benchmark and a 14.24% gain for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Health Care Fund featured stocks like ICON Public Limited Company (NASDAQ:ICLR) in the first quarter 2024 investor letter. Headquartered in Dublin, Ireland, ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization. On April 23, 2024, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $306.45 per share. One-month return of ICON Public Limited Company (NASDAQ:ICLR) was -7.00%, and its shares gained 52.55% of their value over the last 52 weeks. ICON Public Limited Company (NASDAQ:ICLR) has a market capitalization of $25.281 billion.
Baron Health Care Fund stated the following regarding ICON Public Limited Company (NASDAQ:ICLR) in its first quarter 2024 investor letter:
"Solid stock selection in life sciences tools & services was mainly due to double-digit gains from clinical genetic testing company Natera, Inc. and global contract research organization ICON Public Limited Company (NASDAQ:ICLR). ICON’s shares rose in response to management’s optimistic messaging in the face of a firming industry backdrop and accelerating trends, which led investors to believe that the company’s initial guidance for fiscal year 2024 was more conservative than initially believed. The company continues to experience strong demand despite lingering concerns over biotechnology funding levels. Customer preference is shifting toward functional outsourcing services, which should disproportionally benefit ICON as the leader in this market."
A laboratory setting with a team of scientists working on a clinical trial.
ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, ICON Public Limited Company (NASDAQ:ICLR) was held by 43 hedge fund portfolios, compared to 39 in the previous quarter, according to our database.
We discussed ICON Public Limited Company (NASDAQ:ICLR) in another article where we shared TimesSquare Capital U.S. Mid Cap Growth Strategy's views on the company. In addition, please check out our hedge fund investor letters Q1 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.
