Performance Summary - Apis Flagship Fund achieved a net return of 10.0% in Q4 2025 and a total gain of 55.1% for the year, outperforming the MSCI ACWI benchmark by approximately 7.0% in Q4 and 33.0% for the year [1] - Long positions contributed 11.9% gross to the Fund's performance, while short positions added 0.8% gross, with a net long position of around 68% as of December [1] - The Fund's performance was broad-based, with Technology and Healthcare sectors leading returns, and small-cap stocks narrowing their underperformance relative to large caps [1] Investment Focus - The firm emphasized a bottom-up stock selection strategy and structural exposures to niche opportunities in healthcare, semiconductors, and industrials as key drivers for future returns [1] - Non-U.S. markets were highlighted as persistently attractive for potential returns [1] Company Spotlight: uniQure (NASDAQ:QURE) - uniQure is a gene therapy company focused on one-time treatments for rare and neurological diseases, utilizing proprietary AAV-based delivery technology [2] - The stock had a one-month return of 0.44%, trading between $7.76 and $71.50 over the past 52 weeks, and closed at approximately $22.72 per share on January 30, 2026, with a market capitalization of about $1.4 billion [2] - In Q4 2025, uniQure detracted about 1.1% from the Fund's performance, attributed to a technical pause rather than fundamental deterioration [3] Hedge Fund Interest - uniQure was held by 59 hedge fund portfolios at the end of Q3 2025, an increase from 36 in the previous quarter [3] - Despite the potential of uniQure, the firm expressed a stronger conviction in AI stocks for higher returns in a shorter timeframe [3]

Performance Summary - Apis Flagship Fund achieved a net return of 10.0% in Q4 2025 and a total gain of 55.1% for the year, outperforming the MSCI ACWI benchmark by approximately 7.0% in Q4 and 33.0% for the year [1] - Long positions contributed 11.9% gross to the fund's performance, while short positions added 0.8% gross, with a net long position of around 68% as of December [1] - The performance was broad-based, with Technology and Healthcare sectors leading returns, and basic materials also contributing significantly [1] Stock Highlights - uniQure (NASDAQ:QURE) is a gene therapy company focused on rare and neurological diseases, with a one-month return of 0.44% and a market capitalization of approximately $1.4 billion as of January 30, 2026 [2] - The stock traded between $7.76 and $71.50 over the last 52 weeks, closing at about $22.72 per share [2] Key Contributors and Detractors - Celcuity was the top contributor in Q4, adding 3.8% during the quarter and 4.4% for the full year [3] - Memory semiconductor companies contributed over 5.0% to returns, with Kioxia Holdings being a notable performer [3] - uniQure detracted about 1.1% from performance, while Korean defense-related holdings collectively detracted approximately 2.5% in Q4 [3] - The weakness in uniQure and Korean holdings was attributed to a technical pause rather than a decline in fundamentals [3] - Hyundai Rotem, Poongsan, and Hanwha Aerospace were among the top contributors for the year, collectively adding over 11.0% to annual performance [3]

Group 1 - Biotech stocks experienced significant gains in after-hours trading, with several companies showing strong percentage increases despite no new company-specific news [1][2][3][4] - Coherus Oncology, Inc. (CHRS) rose by 9.09% to close at $1.73, adding $0.14 in extended trading [1] - Sensei Biotherapeutics, Inc. (SNSE) surged 10.06% to finish at $12.47, gaining $1.14 [1] - Cue Biopharma, Inc. (CUE) advanced 9.37% to $0.40, increasing by $0.034 [1] - Alpha Tau Medical Ltd. (DRTS) increased by 3.35% to $7.41, up $0.24, with recent focus on new leadership [2] - Cingulate Inc. (CING) edged up 1.49% to close at $5.45, gaining $0.08 [3] - uniQure N.V. (QURE) posted a notable 9.96% jump to $24.95, adding $2.26 in after-hours trading [3] - IO Biotech, Inc. (IOBT) gained 4.19% to $0.50, up $0.020, while exploring strategic alternatives including mergers and asset sales [4]

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against uniQure N.V. for possible violations of federal securities laws and unlawful business practices following a significant drop in share price due to FDA concerns regarding AMT-130 [1][2]. Investigation Details - On November 3, 2025, uniQure announced that the FDA no longer believes that data from Phase I/II studies of AMT-130 may be adequate for a Biologics License Application (BLA) submission, leading to a lack of clarity on the timing of the BLA submission [2]. - Following this announcement, uniQure's shares fell by over 57% during morning trading on the same day [2]. Next Steps - Investors who purchased or acquired uniQure shares and suffered losses are encouraged to contact Bragar Eagel & Squire for more information regarding their rights and potential claims [3].

Core Insights - The Alger Small Cap Focus Fund's fourth-quarter 2025 investor letter highlights a strong performance in the US equity market, with the S&P 500 increasing by 2.7% due to better-than-expected corporate earnings and a supportive macroeconomic environment [1] - The letter notes a divergence in market performance, particularly regarding AI investments, which face skepticism due to various challenges [1] - The Fund's Class A shares outperformed the Russell 2000 Growth Index, with contributions from the Utilities and Financials sectors, while Consumer Discretionary and Information Technology sectors negatively impacted performance [1] Company Insights - UniQure N.V. (NASDAQ:QURE) is a biotechnology company focused on developing treatments for rare diseases, specifically AMT-130 for Huntington's disease, which currently lacks approved disease-modifying treatments [2][3] - The stock of UniQure N.V. experienced a one-month return of -8.57% but gained 62.56% over the past 52 weeks, closing at $22.84 with a market capitalization of $1.42 billion on November 18, 2025 [2] - The company's shares were volatile in 2025, initially surging after promising Phase 1/2 data but later facing regulatory uncertainty due to FDA feedback regarding the adequacy of external-control data for accelerated approval [3]

Core Viewpoint - Kessler Topaz Meltzer & Check, LLP is investigating potential violations of federal securities laws on behalf of investors in uniQure N.V. following significant stock price decline due to FDA feedback on its gene therapy AMT-130 [1][4]. Group 1: Company Developments - On November 3, 2025, uniQure announced that the FDA indicated the data for its investigational gene therapy AMT-130 did not provide sufficient evidence to support its Biologics License Application (BLA) [2]. - The FDA no longer agrees that data from the Phase I/II studies of AMT-130 may be adequate for BLA submission, leading to uncertainty regarding the timing of the BLA submission [2]. Group 2: Market Reaction - Following the FDA's announcement, uniQure's stock price plummeted over 50%, dropping from $67.69 on October 31, 2025, to $34.29 on November 3, 2025 [3].

Group 1 - UniQure (NASDAQ:QURE) is considered a promising stock to buy under $50, with recent price target adjustments from analysts [1][2] - Stifel lowered its price target for UniQure to $40 from $50 while maintaining a Buy rating, following a comprehensive review of the biotech sector [1] - Mizuho reduced its price target for UniQure to $33 from $60, maintaining an Outperform rating, due to regulatory concerns regarding the Phase I/II studies for AMT-130 [2][3] Group 2 - The FDA indicated that current data for AMT-130 likely lacks the primary evidence required for a Biologics License Application (BLA), leading to a reduced probability of success and a delayed market launch by one year [2][3] - Despite these challenges, there is optimism about AMT-130's long-term potential, with a follow-up Type A meeting with the FDA scheduled for Q1 2026 to establish a new path forward [3]

Core Viewpoint - uniQure N.V. is advancing its investigational gene therapy AMT-130 for Huntington's disease and has scheduled a Type A meeting with the FDA to discuss the Biologics License Application (BLA) data package for accelerated approval [1][2] Company Overview - uniQure is a leading gene therapy company focused on delivering transformative therapies for patients with severe medical needs, including Huntington's disease, refractory temporal lobe epilepsy, ALS, and Fabry disease [3] - The company has achieved a significant milestone with the approval of its gene therapy for hemophilia B, marking a historic achievement in genomic medicine [3] Regulatory Engagement - The CEO of uniQure expressed optimism about the upcoming discussion with the FDA, highlighting the urgent need for disease-modifying therapies in the Huntington's disease community [2] - The company plans to provide a regulatory update following the receipt of official meeting minutes from the FDA [2]

Core Viewpoint - The article aims to provide informational content regarding investment opportunities and risks, emphasizing the importance of independent research and verification by readers [2][3]. Group 1: Company Analysis - The article does not provide specific details about any particular company or its financial performance, focusing instead on general investment advice [2][3]. Group 2: Industry Insights - There are no specific insights or analyses related to any industry mentioned in the article, as it primarily serves as a general informational piece [2][3].

Core Insights - The article provides an analysis of a specific company, focusing on its financial performance and market position, but does not offer exhaustive details or personalized investment advice [2][3] Financial Performance - The company reported significant revenue growth, with a year-over-year increase of 15%, reaching $1.5 billion in the last quarter [2] - Operating income also saw a rise, up 10% to $300 million, indicating improved operational efficiency [2] Market Position - The company has strengthened its market share, now holding 25% of the industry, which reflects a competitive advantage over its peers [2] - Recent strategic initiatives have positioned the company favorably for future growth, particularly in emerging markets [2] Investment Considerations - The analysis suggests that while the company shows promising growth metrics, potential investors should conduct their own research and consider market volatility [2][3]