Here’s Why ShockWave Medical (SWAV) Outperformed in Q3

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell 2000 Growth Index and returned 3.28% (net), and the index return was 0.24%. Strength in Industrials, Consumer Staples, Consumer Discretionary, and Information Technology sectors contributed to the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital highlighted stocks like ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q3 2022 investor letter. Headquartered in Santa Clara, California, ShockWave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On December 19, 2022, ShockWave Medical, Inc. (NASDAQ:SWAV) stock closed at $216.00 per share. One-month return of ShockWave Medical, Inc. (NASDAQ:SWAV) was -14.36%, and its shares gained 21.52% of their value over the last 52 weeks. ShockWave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $7.807 billion.

TimesSquare Capital made the following comment about ShockWave Medical, Inc. (NASDAQ:SWAV) in its Q3 2022 investor letter:

“Several medical device holdings fared better, including the 45% gain from ShockWave Medical, Inc. (NASDAQ:SWAV). Developing intravascular devices for calcified cardiovascular diseases, Shockwave’s revenues and earnings outstripped expectations. There were increased sales of its C2 coronary catheter system following a resumption of medical procedures. International sales also improved, and management increased its guidance for the balance of the year. We trimmed this position on its strength.”

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ShockWave Medical, Inc. (NASDAQ:SWAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held ShockWave Medical, Inc. (NASDAQ:SWAV) at the end of the third quarter, which was 27 in the previous quarter.

We discussed ShockWave Medical, Inc. (NASDAQ:SWAV) in another article and shared the list of biggest medical device companies in the world In addition, please check out our hedge fund investor letters Q3 2022 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.