Here’s Why ShockWave Medical (SWAV) Outperformed in the Third Quarter

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned 3.23%, Advisor Class fund APDSX posted a return of 3.27%, and Institutional Class fund APHSX returned 3.27%, compared to a return of 0.24% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, Artisan Partners discussed stocks like ShockWave Medical, Inc. (NASDAQ:SWAV). Headquartered in Santa Clara, California, ShockWave Medical, Inc. (NASDAQ:SWAV) is a medical device company. On November 10, 2022, ShockWave Medical, Inc. (NASDAQ:SWAV) stock closed at $270.43 per share. One-month return of ShockWave Medical, Inc. (NASDAQ:SWAV) was 6.52% and its shares gained 24.25% of their value over the last 52 weeks. ShockWave Medical, Inc. (NASDAQ:SWAV) has a market capitalization of $9.774 billion.

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

“ShockWave Medical, Inc. (NASDAQ:SWAV) is an early stage medical device company developing and commercializing products to treat calcified cardiovascular disease. The company’s recent quarter of +116% YoY revenue growth was well ahead of expectations. The beat was driven primarily by the C2 coronary intravascular lithotripsy catheter—used to break up hard materials that restrict blood flow to the heart—as it makes solid progress capturing share from stenting cases. We believe the profit cycle opportunity for C2 is meaningful given its large addressable market ($4 billion).”

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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, 27 hedge fund portfolios held ShockWave Medical, Inc. (NASDAQ:SWAV) at the end of the second quarter which was 31 in the previous quarter.

We discussed ShockWave Medical, Inc. (NASDAQ:SWAV) in another article and shared Alger Capital’s views on the company. 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.