Here’s What Affected Progyny’s (PGNY) Share Price in Q2
Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter of 2024, U.S. equities performed well, with the S&P 500 rising 4.28%. Against this backdrop, Class A shares of the fund outperformed the Russell 2500 Growth Index in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Progyny, Inc. (NASDAQ:PGNY), in the second quarter 2024 investor letter. Progyny, Inc. (NASDAQ:PGNY) is a benefits management company focuses on fertility and family building benefits solutions. The one-month return of Progyny, Inc. (NASDAQ:PGNY) was -12.35%, and its shares lost 37.14% of their value over the last 52 weeks. On August 30, 2024, Progyny, Inc. (NASDAQ:PGNY) stock closed at $23.49 per share with a market capitalization of $2.121 billion.
Alger Weatherbie Specialized Growth Fund stated the following regarding Progyny, Inc. (NASDAQ:PGNY) in its Q2 2024 investor letter:
"Progyny, Inc. (NASDAQ:PGNY) is a leading benefit management company that specializes in fertility and family building benefits solutions. The company caters to an underserved, yet significant and specialized, market with unique plan design and coordinated clinical delivery. Its carefully selected provider network leads to improved patient satisfaction, cost savings, and other benefits to all constituents. The prevalence of infertility in the U.S. is high, affecting one in eight couples in the U.S. per the Centers for Disease Control and Prevention (CDC). While the company reported strong fiscal first quarter results, where revenues grew 37% year-over-year, this was below consensus estimates. Additionally, management expressed concerns about the uncertain macroeconomic environment, particularly influenced by state supreme court decisions related to in vitro fertilization (IVF), which negatively impacted the company’s share price during the quarter."
A research facility testing a new artificial insemination solution for infertility products.
Progyny, Inc. (NASDAQ:PGNY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of the second quarter which was 26 in the previous quarter. The second quarter revenue of Progyny, Inc. (NASDAQ:PGNY) grew 9% year-over-year to $304.1 million. While we acknowledge the potential of Progyny, Inc. (NASDAQ:PGNY) 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 Progyny, Inc. (NASDAQ:PGNY) and shared Baron Real Estate Fund's views on the company. 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.