What Makes Shockwave Medical (SWAV) a Potential Investment?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. 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 15, 2023, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $187.40 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was 7.08%, and its shares lost 13.24% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $6.914 billion.

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

“Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. We also added Shockwave Medical, Inc. (NASDAQ:SWAV), a medical devices company that uses intravascular lithotripsy technology for treating calcified plaque in patients suffering from coronary diseases. The company is well positioned and continues to expand their product offerings. It appears the stock has been caught up in the market’s medical technology unwind.”

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 ClearBridge Mid Cap Growth Strategy’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.

Suggested Articles:

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