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 Silk Road Medical, Inc (NASDAQ:SILK). Headquartered in Sunnyvale, California, Silk Road Medical, Inc (NASDAQ:SILK) is a medical device company. On October 28, 2022, Silk Road Medical, Inc (NASDAQ:SILK) stock closed at $45.40 per share. One-month return of Silk Road Medical, Inc (NASDAQ:SILK) was 1.89% and its shares lost 24.67% of their value over the last 52 weeks. Silk Road Medical, Inc (NASDAQ:SILK) has a market capitalization of $1.705 billion.
Baron Funds made the following comment about Silk Road Medical, Inc (NASDAQ:SILK) in its Q3 2022 investor letter:
“Shares of Silk Road Medical, Inc (NASDAQ:SILK), which sells medical devices used in minimally invasive carotid artery procedures, contributed to performance in the quarter. In May, the FDA approved the company’s devices for use in standard surgical risk carotid stenosis patients in addition to the prior approval in high surgical risk patients. The minimally invasive procedures done by Silk Road are called Transcarotid Artery Revascularization (TCARs). TCARs account for about 11% of the 170,000 carotid procedures in the U.S. today despite generally being as effective, safer, and more efficient than traditional open carotid surgery where a large incision is made in the neckbased artery. The updated FDA indication increases the number of eligible patients by 50%, reduces reimbursement uncertainty, and further legitimizes the procedure in the eyes of more conservative surgeons. Early channel checks following the label update have been positive as doctors are comfortable performing TCARs on more patients and with less administrative paperwork. We think the updated label will accelerate growth and TCARs will ultimately account for the majority of carotid procedures.”
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Silk Road Medical, Inc (NASDAQ:SILK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Silk Road Medical, Inc (NASDAQ:SILK) at the end of the second quarter which was 15 in the previous quarter.
We discussed Silk Road Medical, Inc (NASDAQ:SILK) in another article and shared small-cap stocks to sell before recession begins. 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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