Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the fund outperformed the Russell 2000 Growth Index. Consumer discretionary and industrial sectors contributed to the fund’s relative performance in the quarter, while healthcare and energy sectors were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like ShockWave Medical, Inc. (NASDAQ:SWAV) in the Q3 2022 investor letter. Headquartered in Santa Clara, California, ShockWave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On November 4, 2022, ShockWave Medical, Inc. (NASDAQ:SWAV) stock closed at $274.39 per share. One-month return of ShockWave Medical, Inc. (NASDAQ:SWAV) was 2.40% and its shares gained 15.20% of their value over the last 52 weeks. ShockWave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $9.858 billion.
Alger Capital made the following comment about ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q3 2022 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.
We believe Shockwave’s strong third quarter stock performance is attributable to the company reporting second-quarter 2022 earnings that exceeded consensus expectations, along with management raising full year revenue guidance. Shockwave continues gaining momentum in coronary and peripheral markets driven by growing new accounts and accelerating utilization. Additionally, shockwave has continued to deliver margin growth and earnings power.”
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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, 27 hedge fund portfolios held ShockWave Medical, Inc. (NASDAQ:SWAV) at the end of the second quarter which was 31 in the previous quarter.
We discussed ShockWave Medical, Inc. (NASDAQ:SWAV) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
