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Should You Consider Buying ShockWave Medical (SWAV) Shares?

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Baron Funds, an asset management firm, published its “Baron Opportunity Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Baron Opportunity Fund (the “Fund”) fell sharply and significantly lagged the broader market during the first quarter. For the period, the Fund dropped 16.02% (Institutional Shares), trailing the Russell 3000 Growth Index, which fell 9.25%, and the S&P 500 Index, which declined 4.60%. Try to spend some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Baron Opportunity Fund mentioned ShockWave Medical, Inc. (NASDAQ:SWAV) and explained its insights for the company. Founded in 2009, ShockWave Medical, Inc. (NASDAQ:SWAV) is a Santa Clara, California-based medical device company with a $6.6 billion market capitalization. ShockWave Medical, Inc. (NASDAQ:SWAV) delivered a 4.14% return since the beginning of the year, while its 12-month returns are down by -1.06%. The stock closed at $185.72 per share on June 13, 2022.

Here is what Baron Opportunity Fund has to say about ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q1 2022 investor letter:

"ShockWave Medical, Inc. (NASDAQ:SWAVprovides intravascular lithotripsy for the minimally invasive treatment of arterial plaque. Shares increased on continued success with the rollout of its product for coronary artery disease in the U.S. For the fourth quarter, ShockWave reported revenue growth of 271%, with the U.S. coronary launch leading the way, and issued 2022 revenue guidance of 71% to 79%, both beating Wall Street expectations substantially. We think ShockWave has a differentiated technology serving a significant unmet need in arterial disease with potential to expand into treatment of heart valves."

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Our calculations show that ShockWave Medical, Inc. (NASDAQ:SWAV) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. ShockWave Medical, Inc. (NASDAQ:SWAV) was in 31 hedge fund portfolios at the end of the first quarter of 2022, compared to 27 funds in the previous quarter. ShockWave Medical, Inc. (NASDAQ:SWAV) delivered a 24.89% return in the past 3 months.

In September 2021, we also shared another hedge fund’s views on ShockWave Medical, Inc. (NASDAQ:SWAV) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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