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Wasatch Global Investors, an investment management firm, released its “Wasatch Small Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Stocks fell broadly in the quarter as investors worried about the consequences of rising interest rates and a possible recession. During the quarter, the strategy declined but surpassed its benchmark, the Russell 2000 Growth Index, which fell -7.32% and the broader Russell 2000 Index lost -5.13%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Small Cap Growth Strategy highlighted stocks like Silk Road Medical, Inc (NASDAQ:SILK) in the third quarter 2023 investor letter. Headquartered in Sunnyvale, California, Silk Road Medical, Inc (NASDAQ:SILK) is a medical device company. On December 21, 2023, Silk Road Medical, Inc (NASDAQ:SILK) stock closed at $11.22 per share. One-month return of Silk Road Medical, Inc (NASDAQ:SILK) was 34.37%, and its shares lost 79.56% of their value over the last 52 weeks. Silk Road Medical, Inc (NASDAQ:SILK) has a market capitalization of $436.969 million.
Wasatch Small Cap Growth Strategy made the following comment about Silk Road Medical, Inc (NASDAQ:SILK) in its Q3 2023 investor letter:
"Silk Road Medical, Inc (NASDAQ:SILK) was also a significant detractor. The company provides medical devices used in its minimally invasive procedure (called Transcarotid Artery Revascularization, or TCAR) for the treatment of blockages in the carotid artery. Silk Road’s stock price fell sharply in July after the Centers for Medicare & Medicaid Services (CMS) issued a proposed coverage decision placing traditional carotid stenting at the same reimbursement level as TCAR. The concern is that CMS support for the competitive method could hurt Silk Road’s revenues.
A skilled surgeon surrounded by a team of medical professionals performing a Transcatheter Heart Valve Replacement.
Silk Road Medical, Inc (NASDAQ:SILK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Silk Road Medical, Inc (NASDAQ:SILK) at the end of third quarter which was 20 in the previous quarter.