Baron Funds is Wary of Inspire Medical Systems (INSP)’s Current Valuation

Baron Funds, an asset management company, released its “Baron Discovery Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund was down 22.66% in the second quarter, 3.41% below its benchmark index, the Russell 2000 Growth Index. The firm focuses more on secular growth stories instead of cyclical companies. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like Inspire Medical Systems, Inc. (NYSE:INSP) in the second quarter investor letter. Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On September 12, 2022, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $210.92 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was -2.11% and its shares lost 10.28% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $6.072 billion.

Here is what Baron Funds specifically said about Inspire Medical Systems, Inc. (NYSE:INSP) in its Q2 2022 investor letter:

“We sold our position in Inspire Medical Systems, Inc. (NYSE:INSP), which manufactures an implantable device that significantly improves outcomes for patients with sleep disorders. We continue to be huge fans of the company and its growth rate of over 45%, but we are wary of its current valuation.”

Inspire Medical Systems, Inc. (NYSE:INSP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Inspire Medical Systems, Inc. (NYSE:INSP) at the end of the second quarter which was 30 in the previous quarter.

We discussed Inspire Medical Systems, Inc. (NYSE:INSP) in another article and shared Alger Capital. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.