Does Shockwave Medical (SWAV) Have Strong Outlook for 2024?
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned 9.15% (net), compared to a 12.75% return for the Russell 2000 Growth Index. For the year, the fund returned 15.96% (net) compared to 18.66% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Small Cap Growth Strategy featured stocks like Shockwave Medical, Inc. (NASDAQ:SWAV) in the fourth quarter 2023 investor letter. Headquartered in Santa Clara, California, Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On March 21, 2024, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $285.26 per share. One-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was 9.37%, and its shares gained 33.15% of their value over the last 52 weeks. Shockwave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $10.668 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Shockwave Medical, Inc. (NASDAQ:SWAV) in its fourth quarter 2023 investor letter:
"There was a -4% decline from Shockwave Medical, Inc. (NASDAQ:SWAV), which develops intravascular devices for calcified cardiovascular diseases. The company’s revenues and earnings exceeded expectations, though management did not increase its guidance for the first time since the beginning of the pandemic. That hesitancy stemmed from private insurers increasing the need for preauthorization for treating peripheral arterial disease and a Chinese anti-corruption campaign hampered restocking for Shockwave’s joint venture in China. However, Shockwave’s outlook for 2024 remained strong and we added to our position on the near-term weakness."
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 discussed Shockwave Medical, Inc. (NASDAQ:SWAV) in another article and shared the list of high growth NASDAQ stocks that are profitable. In addition, please check out our hedge fund investor letters Q4 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.
