Here’s What Happened to NuVasive (NUVA) After Takeover Deal

Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 2.83% compared to 2.74% for the Russell 2000 Index and -0.66% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Cove Street Capital Small Cap Value Fund highlighted stocks like NuVasive, Inc. (NASDAQ:NUVA) in the first quarter 2023 investor letter. Headquartered in San Diego, California, NuVasive, Inc. (NASDAQ:NUVA) is a medical technology company. On April 10, 2023, NuVasive, Inc. (NASDAQ:NUVA) stock closed at $42.08 per share. One-month return of NuVasive, Inc. (NASDAQ:NUVA) was 8.54%, and its shares lost 24.78% of their value over the last 52 weeks. NuVasive, Inc. (NASDAQ:NUVA) has a market capitalization of $2.203 billion.

Cove Street Capital Small Cap Value Fund made the following comment about NuVasive, Inc. (NASDAQ:NUVA) in its Q1 2023 investor letter:

NuVasive, Inc. (NASDAQ:NUVA) was a slightly unusual position in that we finally bought it after years of research into its Spine industry leadership…AFTER…it announced a takeover by Globus Medical (Ticker: GMED). Globus stock plummeted, and along with it, the value of its all-stock offer for Nuvasive to levels below the deal announcement. We thought an investment was an interesting speculation that a third-party buyer would emerge – they had 45 days to do so. We were wrong and took our small loss.”

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NuVasive, Inc. (NASDAQ:NUVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held NuVasive, Inc. (NASDAQ:NUVA) at the end of the fourth quarter which was 25 in the previous quarter.

We discussed NuVasive, Inc. (NASDAQ:NUVA) in another article and shared the list of largest orthopedic companies in the world. In addition, please check out our hedge fund investor letters Q1 2023 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.