Shockwave Medical (SWAV) Rose on Strong Financial Results

by themoneyoffice2.com@gmail.com April 12, 2024 · Finance

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Mid Cap Fund featured stocks like Shockwave Medical, Inc. (NASDAQ:SWAV) in the first quarter 2024 investor letter. Headquartered in Santa Clara, California, Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On April 11, 2024, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $328.19 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was 19.78%, and its shares gained 26.30% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $12.273 billion.

Artisan Mid Cap Fund stated the following regarding Shockwave Medical, Inc. (NASDAQ:SWAV) in its first quarter 2024 investor letter:

“Among our top Q1 contributors were Chipotle, Shockwave Medical, Inc. (NASDAQ:SWAV) and Spotify. Shockwave Medical is a device company that is a leader in using miniaturized lithotripsy (soundwave) technology to break up heavy calcification in arteries, enabling safer and more effective treatment of cardiovascular disease. The company’s devices are increasingly used in both coronary artery and peripheral artery indications, and we see significant room for continued growth in these areas. Meanwhile, the company continues to invest in new products to extend the usefulness of intravenous lithotripsy in other indications, and it is making long-term plans to introduce a novel therapy for refractory angina. Shares have outperformed due to strong financial results, including revenue growth of 41%, along with fading investor fears around increased requirements for pre-authorization by insurers. Late quarter media reports about a possible acquisition by Johnson and Johnson were confirmed following quarter-end.”

A medical device company executive presenting the workings of intravascular lithotripsy technology.

Shockwave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Shockwave Medical, Inc. (NASDAQ:SWAV) was held by 40 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.

We previously discussed Shockwave Medical, Inc. (NASDAQ:SWAV) in another article, where we shared TimesSquare Capital U.S. Small Cap Growth Strategy’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.