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Here’s Why Shockwave Medical (SWAV) Surged in Q1

Soumya Eswaran
·3-min read

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks demonstrated strength carried over from the end of last year, delivering robust returns during the first quarter. Among the style indexes, the Russell Midcap Growth Index outperformed the Russell Midcap Value Index by a modest margin, with growth up 9.49% and value up 8.23%. All sectors in the Russell Midcap Growth Index delivered positive gains during the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Shockwave Medical, Inc. (NASDAQ:SWAV), in the first quarter 2024 investor letter. Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company. The one-month return of Shockwave Medical, Inc. (NASDAQ:SWAV) was 1.46%, and its shares gained 18.88% of their value over the last 52 weeks. On May 29, 2024, Shockwave Medical, Inc. (NASDAQ:SWAV) stock closed at $334.83 per share with a market capitalization of $12.571 billion.

Carillon Eagle Mid Cap Growth Fund stated the following regarding Shockwave Medical, Inc. (NASDAQ:SWAV) in its first quarter 2024 investor letter:

"Shockwave Medical, Inc. (NASDAQ:SWAV) is a medical device company focused on developing products to treat calcified cardiovascular disease. The company beat consensus estimates, delivering solid revenue growth in the quarter driven largely by notably strong results in its intravascular lithotripsy (IVL) cardiovascular franchise. We remain positive on the company’s outlook given its growing international footprint and its plan to introduce new products, one which was recently approved ahead of schedule. Additionally, a large pharmaceutical company was just reported in the news as being in talks to potentially acquire the company."

A medical device company executive presenting the workings of intravascular lithotripsy technology.

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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, 42 hedge fund portfolios held Shockwave Medical, Inc. (NASDAQ:SWAV) at the end of the first quarter which was 40 in the previous quarter. Johnson and Johnson announced the acquisition of Shockwave Medical, Inc. (NASDAQ:SWAV) and expected to complete the deal in 2024.

In another article, we discussed Shockwave Medical, Inc. (NASDAQ:SWAV) and shared Baron Health Care Fund's views on the company. Shockwave Medical, Inc. (NASDAQ:SWAV) was one of the top contributors of Artisan Mid Cap Fund in the first quarter 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.