Baron Funds, an investment management company, released its “Baron Discovery Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. Compared to the Russell 2000 Growth Index benchmark, which was slightly positive, the fund (institutional shares) was flat in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Baron Funds discussed stocks like Axonics, Inc. (NASDAQ:AXNX). Headquartered in Irvine, California, Axonics, Inc. (NASDAQ:AXNX) is a medical technology company. On October 28, 2022, Axonics, Inc. (NASDAQ:AXNX) stock closed at $71.90 per share. One-month return of Axonics, Inc. (NASDAQ:AXNX) was 2.07% and its shares lost 1.98% of their value over the last 52 weeks. Axonics, Inc. (NASDAQ:AXNX) has a market capitalization of $3.532 billion.
Baron Funds made the following comment about Axonics, Inc. (NASDAQ:AXNX) in its Q3 2022 investor letter:
“Axonics, Inc. (NASDAQ:AXNX) offers a novel implantable sacral neuromodulation (SNM) device for the treatment of urinary and bowel urge dysfunction. Through an acquisition, Axonics also offers Bulkamid, a unique injectable product to treat stress urinary incontinence in women. Shares outperformed in the quarter after Axonics beat and raised guidance for full-year 2022. With the recent FDA approval for a recharge-free SNM product (called the F15), Axonics now has a complement for its rechargeable product to round out its portfolio. The F15 is seeing strong uptake and is opening up previously competitive accounts that preferred a recharge-free option. The company has been taking share from Medtronic with competitively advantaged features like superior battery life and an easier user interface, as well as high-touch service. Axonics now plans to accelerate growth further with investments in a direct-to-consumer TV campaign. The SNM market currently consists of just 45,000 implants annually, which is less than 1% of the 7 million patients who could benefit. Meanwhile, Bulkamid offers a minimally invasive, 15 minute in-office alternative to surgical sling procedures. Surgical slings have not gained much traction and are only used to treat 125,000 women annually (only 0.4% penetration) of the 29 million who could benefit. Already, Axonics predicts it will treat nearly 50,000 patients in 2022, so we see significant growth runway for Bulkamid.”
Axonics, Inc. (NASDAQ:AXNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Axonics, Inc. (NASDAQ:AXNX) at the end of the second quarter which was 18 in the previous quarter.
We discussed Axonics, Inc. (NASDAQ:AXNX) in another article and shared Baron Funds’ 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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China’s terrifying internet “Master Key”… and the one microcap that could stop them
In August 2024, news outlets around the world revealed one of the most shocking data breaches in recent history.
Approximately 2.9 billion records, including names, email addresses, phone numbers, mailing addresses, financial data and, distressingly, Social Security numbers, were stolen when Coral Springs, Florida, firm National Public Data (NPD) suffered a massive cyberattack. The company confirmed that the breach, which happened in December 2023, resulted in the potential leaks of data in the summer of 2024.
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If they succeed in harnessing this groundbreaking “Master Key” technology, the consequences could be catastrophic.
