Multiple Tailwinds Pushed Shockwave Medical (SWAV) in Q2

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare U.S. Small Cap Growth Strategy 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 21, 2023, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $196.88 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was -8.20%, and its shares lost 21.90% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $7.235 billion.

TimesSquare U.S. Small Cap Growth Strategy made the following comment about Shockwave Medical, Inc. (NASDAQ:SWAV) in its Q2 2023 investor letter:

“Shockwave Medical, Inc. (NASDAQ:SWAV), a medical device company offering intravascular lithotripsy technology for treating calcified plaque in patients with coronary vascular and heart valve diseases, advanced by 32%. There had been speculation that Boston Scientific would be acquiring Shockwave, however, discussions between the two companies broke down. Its shares were boosted by the combination of better first quarter results and increased forward guidance. U.S. sales of its Peripheral and Coronary devices exceeded projections.”

An operating room with a doctor monitoring a patient’s vital signs during surgery with a medical device. Editorial photo for a financial news article. 8k. –ar 16:9

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 Alger Small Cap Focus 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.