Reasons to Invest in Shockwave Medical (SWAV)

ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy underperformed its benchmark Russell Midcap Growth Index in the quarter. Overall, the effects of stock selection impacted the performance on a relative basis. The strategy gained three of the 11 sectors it was invested during the quarter on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Mid Cap Growth Strategy highlighted stocks like Shockwave Medical, Inc. (NASDAQ:SWAV) in the third quarter 2023 investor letter.  Headquartered in Santa Clara, California, Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On December 12, 2023, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $176.87 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was 3.43%, and its shares lost 19.81% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $6.526 billion.

ClearBridge Mid Cap Growth Strategy made the following comment about Shockwave Medical, Inc. (NASDAQ:SWAV) in its Q3 2023 investor letter:

“We also added a new position in Shockwave Medical, Inc. (NASDAQ:SWAV), in the health care sector. The company’s innovative products help clear blockages inside arteries at a lower risk and higher efficiency than other, traditional solutions leading to more optimal outcomes for patients with coronary, vascular and heart valve diseases. We believe these innovations leave Shockwave poised for higher growth, improved margins and attractive free cash flow in a large, total addressable market.”

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Shockwave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Shockwave Medical, Inc. (NASDAQ:SWAV) at the end of third quarter which was 40 in the previous quarter.

We discussed Shockwave Medical, Inc. (NASDAQ:SWAV) in another article and shared Artisan Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.