Multiple Reasons for the Outperformance of Insulet Corporation (PODD) in Q4

Alger Capital, an investment management company, released its “Alger Mid Cap Focus Fund” fourth quarter investor letter. A copy of the same can be downloaded here. Class Z of the Mid-cap growth fund returned 0.77% in the fourth quarter compared to the 6.90% gain for the Russell Midcap Growth Index. The Utilities and Communication sectors contributed to the fund’s relative performance while Information Technology and Consumer Discretionary detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Alger Mid Cap Focus Fund highlighted stocks like Insulet Corporation (NASDAQ:PODD) in the Q4 2022 investor letter. Headquartered in Acton, Massachusetts, Insulet Corporation (NASDAQ:PODD) is an insulin delivery systems manufacturer. On March 10, 2023, Insulet Corporation (NASDAQ:PODD) stock closed at $280.36 per share. One-month return of Insulet Corporation (NASDAQ:PODD) was -6.11%, and its shares gained 32.27% of their value over the last 52 weeks. Insulet Corporation (NASDAQ:PODD) has a market capitalization of $19.497 billion.

Alger Mid Cap Focus Fund made the following comment about Insulet Corporation (NASDAQ:PODD) in its Q4 2022 investor letter:

"Insulet Corporation (NASDAQ:PODD) is a medical device company focused on commercializing its Omnipod portfolio of insulin delivery devices. The company's Omnipod device is a tubeless insulin pump that is in the shape of a pod-this device is directly attached to a patient's body. The key differentiator between Insulet's insulin delivery devices and those of competitors is the tubeless feature - this enables a more discrete administration of insulin. Insulet's Omnipod portfolio includes three key product lines: Classic Omnipod, Omnipod DASH, and Omnipod 5. The Omnipod technology is also used as a subcutaneous drug delivery system to deliver certain therapeutics. During the period, shares outperformed primarily driven by strong fiscal third quarter results, as the company delivered a solid revenue beat due to the continued success of the new Omnipod 5 product, which appears to be taking share away from competitors and accelerating market penetration of automated insulin delivery devices. Moreover, strong third quarter revenue growth led to meaningful margin expansion and EPS upside relative to analyst expectations."

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Insulet Corporation (NASDAQ:PODD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of the fourth quarter which was 39 in the previous quarter.

We discussed Insulet Corporation (NASDAQ:PODD) in another article and shared ClearBridge SMID Cap Growth Strategy's views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.