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Here’s Why Baron Health Care Fund Reduced Exact Sciences Corporation (EXAS)

Soumya Eswaran
·2-min read

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 Exact Sciences Corporation (NASDAQ:EXAS) in the first quarter 2024 investor letter. Headquartered in Madison, Wisconsin, Exact Sciences Corporation (NASDAQ:EXAS) provides cancer screening and diagnostic test products. On April 23, 2024, Exact Sciences Corporation (NASDAQ:EXAS) stock closed at $63.53 per share. One-month return of Exact Sciences Corporation (NASDAQ:EXAS) was -5.01%, and its shares gained 1.36% of their value over the last 52 weeks. Exact Sciences Corporation (NASDAQ:EXAS) has a market capitalization of $11.533 billion.

Baron Health Care Fund stated the following regarding Exact Sciences Corporation (NASDAQ:EXAS) in its first quarter 2024 investor letter:

"We reduced Exact Sciences Corporation (NASDAQ:EXAS) ahead of a clinical trial readout of competitor Freenome’s blood-based colon cancer screening test. In early April, Freenome released data from its clinical trial. The pre-cancer and early-stage cancer sensitivity was below investor expectations. We now have two large trial read-outs of blood-based colon cancer screening tests (Guardant and Freenome) that have shown pre-cancer and early-stage cancer sensitivity below levels needed for widespread adoption, removing for now the existential threat to Exact’s stool-based Cologuard business."

A research team in a laboratory discussing the results of a lab screening test for biomarkers.

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Exact Sciences Corporation (NASDAQ:EXAS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Exact Sciences Corporation (NASDAQ:EXAS) was held by 39 hedge fund portfolios, compared to 45 in the previous quarter, according to our database.

We discussed Exact Sciences Corporation (NASDAQ:EXAS) in another article where we shared Artisan Mid Cap Fund'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.