Here’s Why Nevro Corp. (NVRO) Declined in Q2

Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” second 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.  The Healthcare and industrial sectors contributed to the relative performance of the fund in the quarter while Consumer discretionary and Information technology 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 Nevro Corp. (NYSE:NVRO) in the second quarter 2023 investor letter. Headquartered in Redwood City, California, Nevro Corp. (NYSE:NVRO) is a medical device company. On September 15, 2023, Nevro Corp. (NYSE:NVRO) stock closed at $20.30 per share. One-month return of Nevro Corp. (NYSE:NVRO) was 7.98%, and its shares lost 56.62% of their value over the last 52 weeks. Nevro Corp. (NYSE:NVRO) has a market capitalization of $733.238 million.

Alger Weatherbie Specialized Growth Fund made the following comment about Nevro Corp. (NYSE:NVRO) in its Q2 2023 investor letter:

“Nevro Corp. (NYSE:NVRO) provides spinal cord stimulation (SCS) devices in the U.S. and internationally for patients suffering from chronic pain. During the period, the company reported positive fiscal first quarter results, where revenues came in slightly ahead of consensus estimates. Moreover, the company noted that while staffing issues and payer pressures continue to linger, the actual impact to procedure volumes appears to be declining. However, management noted that they remain cautious on the core SCS market, which still has a ways to go to get back to pre-pandemic levels. As such, shares detracted from performance.”

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Nevro Corp. (NYSE:NVRO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Nevro Corp. (NYSE:NVRO) at the end of second quarter which was 25 in the previous quarter.

We discussed Nevro Corp. (NYSE:NVRO) in another article and shared the list of little-known stocks billionaires are loading up on. 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.