Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. Healthcare and industrials were the largest sector weightings during the quarter. The financials and consumer discretionary were the leading relative performance contributors while healthcare and energy detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Inspire Medical Systems, Inc. (NYSE:INSP) in the third quarter 2023 investor letter. Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On October 18, 2023, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $157.05 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was -17.87%, and its shares lost 9.17% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $4.607 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Inspire Medical Systems, Inc. (NYSE:INSP) in its Q3 2023 investor letter:
“Inspire Medical Systems, Inc. (NYSE:INSP) develops and commercializes minimally invasive solutions for patients with obstructive sleep apnea (OSA). The company offers Inspire therapy, which consists of a remote control and implantable components that includes a pressure sensing lead, a neurostimulator, and a stimulation lead. During the period, the company reported strong fiscal second quarter results, where revenues beat analyst estimates in solid US utilization growth. However, shares detracted from performance as the company was tied to the perceived risk of the rising uptake of obesity drugs (GLP-1’s), potentially impacting the long-term market opportunity for OSA treatment. We believe the ultimate long-term impact of GLP-1’s may be a net neutral-to- positive, given that OSA is a chronic condition. While weight loss drugs alone can help lessen OSA severity, it is unlikely that they will cure OSA and thus should not be deemed as an existential threat to OSA device treatments, in our view.”
A medical technician examining a device used in laser and energy-based aesthetics systems. Editorial photo for a financial news article. 8k. –ar 16:9
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 TimesSquare U.S. Small Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
