Here’s Why Shockwave Medical (SWAV) Outperformed in Q2

Fred Alger Management, an investment management company, released its “Alger Small Cap Focus Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund underperformed the Russell 2000 Growth Index. The Consumer Discretionary and Energy sectors contributed to the fund’s relative performance in the quarter, while Information Technology and Industrials detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Alger Small Cap Focus Fund highlighted stocks like Shockwave Medical, Inc. (NASDAQ:SWAV) in the second quarter 2023 investor letter.  Headquartered in Santa Clara, California, Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On September 5, 2023, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $222.68 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was -9.21%, and its shares lost 23.79% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $8.184 billion.

Alger Small Cap Focus Fund made the following comment about Shockwave Medical, Inc. (NASDAQ:SWAV) in its Q2 2023 investor letter:

“Shockwave Medical, Inc. (NASDAQ:SWAV) provides novel solutions for treating patients with peripheral and coronary artery diseases. Their Intravascular Lithotripsy (IVL) system delivers sonic pressure waves via a specialized catheter to crack calcium, allowing a safe and easy-to-use treatment that enables better patient results. During the period, the company reported solid fiscal first quarter results, with revenues and earnings exceeding analyst estimates. Better-than-expected revenues were driven by strength in all product segments, with the company seeing strong contributions from U.S. Coronary, U.S. Peripheral, and international markets. Further, management raised its fiscal 2023 revenue guidance higher than consensus estimates. noting continued international expansion in Japan, Germany. and China, along with the rollout of specialized catheters. Separately, there have been rumors that several large pharmaceutical companies have expressed interest in acquiring Shockwave, given their highly coveted interventional cardiology and peripheral vascular assets. As a result, shares contributed to performance.”

health, care, oncology


Shockwave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Shockwave Medical, Inc. (NASDAQ:SWAV) at the end of second quarter which was 28 in the previous quarter.

We discussed Shockwave Medical, Inc. (NASDAQ:SWAV) in another article and shared Artisan Global Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.