Here’s Why AstraZeneca PLC (AZN) Benefited in the Second Quarter

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. Since 2015, for the first time, the market witnessed two consecutive quarterly losses. During the second quarter, the S&P 500 Index continued its decline, trading at -16.1%. Inflation concerns and interest rate hikes impacted the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers Capital discussed stocks like AstraZeneca PLC (NASDAQ:AZN) in the second quarter 2022 investor letter. Headquartered in Cambridge, the United Kingdom, AstraZeneca PLC (NASDAQ:AZN) is a biopharmaceutical company. On October 5, 2022, AstraZeneca PLC (NASDAQ:AZN) stock closed at $56.73 per share. One-month return of AstraZeneca PLC (NASDAQ:AZN) was -5.17% and its shares lost 5.23% of their value over the last 52 weeks. AstraZeneca PLC (NASDAQ:AZN) has a market capitalization of $172.477 billion.

Here is what Carillon Tower Advisers specifically said about AstraZeneca PLC (NASDAQ:AZN) in its Q2 2022 investor letter:

“AstraZeneca PLC (NASDAQ:AZN) benefited from the same-industry rotation into pharmaceuticals. The company also reported strong clinical data for a new drug to treat breast cancer.”

Photo by National Cancer Institute on Unsplash

AstraZeneca PLC (NASDAQ:AZN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held AstraZeneca PLC (NASDAQ:AZN) at the end of the second quarter which was 45 in the previous quarter.

We discussed AstraZeneca PLC (NASDAQ:AZN) in another article and shared the list of healthcare stocks to watch. In addition, please check out our hedge fund investor letters Q2 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.