TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. The equity markets performed well in the second quarter, as long as one held only a small number of the biggest, fastest-growing U.S. stocks. Given the Magnificent Seven's superior performance, differences in growth and value among large caps were downplayed. There wasn't much style diversity between mid-caps, small caps, or outside the U.S. In the second quarter, the strategy returned -2.94% (gross) and -3.14% (net) while the Russell Midcap Growth Index returned -3.21%. In addition, please check the fund’s top five holdings to know its best picks in 2024.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like ArArgenx SE (NASDAQ:ARGX) in the Q2 2024 investor letter. Argenx SE (NASDAQ:ARGX) is a biotechnology company. The one-month return of Argenx SE (NASDAQ:ARGX) was 2.07%, and its shares gained 2.37% of their value over the last 52 weeks. On September 12, 2024, Argenx SE (NASDAQ:ARGX) stock closed at $535.77 per share with a market capitalization of $32.114 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Argenx SE (NASDAQ:ARGX) in its Q2 2024 investor letter:

"Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. One example was Argenx SE (NASDAQ:ARGX), a biotechnology developer of antibody treatments for autoimmune disorders. This quarter the company received unrestricted approval from the FDA for its VYVGART Hytrulo to treat chronic inflammatory demyelinating polyneuropathy (CIDP). Not only did that extend argenx’s VYVGART treatment to a new indication—CIDP causes swelling and inflammation of peripheral nerves that leads to a loss of strength or sensations in arms and legs, but this new use has significantly higher pricing for argenx. That gave its shares a 9% lift this quarter."

A lab setting filled with scientific equipment and researchers in lab coats working together to develop new therapies for autoimmune diseases.

Argenx SE (NASDAQ:ARGX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Argenx SE (NASDAQ:ARGX) at the end of the second quarter which was 42 in the previous quarter. While we acknowledge the potential of Argenx SE (NASDAQ:ARGX) 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.