Alger Capital Believes that AtriCure (ATRC) is Well-Positioned in the Atrial Fibrillation Market

Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” second quarter investor letter. A copy of the same can be downloaded here. The fund declined 19.25% in the second quarter compared to the Russell 2000 Growth Index. Class A shares of the fund in the second quarter underperformed the Russell 2000 Growth Index. The financials and consumer discretionary sectors significantly contributed to the fund’s relative performance, while healthcare and information technology were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Alger Capital discussed stocks like AtriCure, Inc. (NASDAQ:ATRC). Headquartered in Mason, Ohio AtriCure, Inc. (NASDAQ:ATRC) is a medical devices provider for Afib and related conditions. On August 31, 2022, AtriCure, Inc. (NASDAQ:ATRC) stock closed at $45.62 per share. One-month return of AtriCure, Inc. (NASDAQ:ATRC) was -6.97 % and its shares lost 39.82% of their value over the last 52 weeks. AtriCure, Inc. (NASDAQ:ATRC) has a market capitalization of $2.118 billion.

Here is what Alger Capital specifically said about AtriCure, Inc. (NASDAQ:ATRC):

“AtriCure, Inc. (NASDAQ:ATRC) is a medical devices company focused on providing surgical-based treatments for atrial fibrillation. Atrial fibrillation is the most common type of heart arrhythmia (irregular heartbeat) and can lead to blood clots, stroke, heart failure, and other heart-related complications.

We believe the underperformance in the second quarter underperformance of AtriCure shares is primarily attributable to the rotation away from high-growth, high-valuation health care names that are currently unprofitable. In our view, recent quarterly results for AtriCure were solid, and the company raised the low end of its full-year revenue guidance when issuing its last earnings report. We continue to believe the company is well positioned in the atrial fibrillation market and is currently positioned to generate additional revenue growth and could potentially benefit from its recent launch of its Convergent procedure, which involves using ablation to treat heart disorders.”

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AtriCure, Inc. (NASDAQ:ATRC) is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, AtriCure, Inc. (NASDAQ:ATRC) was held by 22 hedge fund portfolios at the end of the second quarter, which was 23 in the previous quarter.

We discussed AtriCure, Inc. (NASDAQ:ATRC) in another article and shared stocks in the portfolio of billionaire Ray Dalio. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

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