Here’s Why Bruker Corporation (BRKR) Fell in Q2
Fred Alger Management, an investment management company, released its “Alger Mid Cap Focus Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities were positive in the quarter, with the S&P Index finishing up 4.28%. Class A shares of the fund underperformed the Russell Midcap Growth Index in the quarter. The Communication Services and industrials sectors were the relative contributors while Health Care and Information Technology detracted from the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Alger Mid Cap Focus Fund highlighted stocks like Bruker Corporation (NASDAQ:BRKR), in the second quarter 2024 investor letter. Bruker Corporation (NASDAQ:BRKR) focuses on developing, manufacturing, and distributing scientific instruments, and analytical and diagnostic solutions. The one-month return of Bruker Corporation (NASDAQ:BRKR) was 8.99%, and its shares gained 3.92% of their value over the last 52 weeks. On September 3, 2024, Bruker Corporation (NASDAQ:BRKR) stock closed at $65.72 per share with a market capitalization of $9.95 billion.
Alger Mid Cap Growth Fund stated the following regarding Bruker Corporation (NASDAQ:BRKR) in its Q2 2024 investor letter:
"Bruker Corporation (NASDAQ:BRKR) is a life science tools company that provides high-end analytical instruments primarily used in scientific research and drug development. Bruker leads the market in several instrument categories, including nuclear magnetic resonance (NMR), mass spectrometry-based proteomics, and mass spectrometry-based microbial identification. During the quarter, Bruker’s shares detracted from performance after the company reported fiscal first quarter revenues below analyst estimates, largely due to orders being postponed to the following quarter. Additionally, management’s decision to acquire a small life science tools provider was poorly received by investors, prompting the company to raise cash through a secondary equity offering."
A scientist in a laboratory wearing safety gear while operating a mass spectrometry machine.
Bruker Corporation (NASDAQ:BRKR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Bruker Corporation (NASDAQ:BRKR) at the end of the first quarter which was 30 in the previous quarter. In the second quarter Bruker Corporation (NASDAQ:BRKR) reported $800.7 million in revenues, up 17.4% from Q2 2023. While we acknowledge the potential of Bruker Corporation (NASDAQ:BRKR) 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 Bruker Corporation (NASDAQ:BRKR) and shared The London Company SMID Cap Strategy'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.