Do You Think Inspire Medical Systems (INSP) Offers Compelling Opportunity in the Industry?

Fred Alger Management, an investment management company, released its “Alger Small Cap Focus Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund underperformed the Russell 2000 Growth Index. The Consumer Discretionary and Energy sectors contributed to the fund’s relative performance in the quarter, while Information Technology and Industrials detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Alger Small Cap Focus Fund highlighted stocks like Inspire Medical Systems, Inc. (NYSE:INSP) in the second quarter 2023 investor letter. Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On September 5, 2023, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $234.30 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was -11.75%, and its shares gained 26.46% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $6.873 billion.

Alger Small Cap Focus Fund made the following comment about Inspire Medical Systems, Inc. (NYSE:INSP) in its Q2 2023 investor letter:

“Inspire Medical Systems, Inc. (NYSE:INSP) markets the only FDA-approved implantable neuromodulation device used to treat obstructive sleep apnea (OSA). The device monitors a patient’s breathing and delivers electrical stimulation to the hypoglossal nerve in order to maintain an open airway. During the period, the company reported strong fiscal first quarter results, where revenues and earnings beat analyst estimates. Given the positive results and strengthening demand, management raised their fiscal 2023 revenue guidance. We continue to believe the company offers a compelling opportunity within the medical devices industry. given the large and underpenetrated market.”

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Inspire Medical Systems, Inc. (NYSE:INSP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Inspire Medical Systems, Inc. (NYSE:INSP) at the end of second quarter which was 40 in the previous quarter.

We discussed Inspire Medical Systems, Inc. (NYSE:INSP) in another article and shared Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.