Gradient Investments LLC has recently increased its position in Shockwave Medical, Inc. by 12.8%, according to the company’s recent filing with the SEC. The institutional investor now holds 15,935 shares of the medical device company’s stock, amounting to $3.4 million at the end of Q1. This news comes following Shockwave Medical’s release of its quarterly earnings results on May 8th, which exceeded market expectations. With revenue up 72.1% YoY, Shockwave Medical is continuing to make strides within the medical device industry.
Shockwave Medical specializes in developing intravascular lithotripsy (IVL) technology for patients suffering from a wide range of cardiovascular illnesses such as peripheral artery disease (PAD) and heart valve disease. Their key product offerings include M5 IVL catheter and M5+ IVL catheter for medium-diameter vessels treatment options, S4 IVL catheter for small-diameter vessel treatments, and L6 IVL catheter for large diameter vessel treatments.
The success that Shockwave has experienced throughout this first quarter can be attributed to their ability to offer cutting-edge medical technology that is revolutionizing how doctors treat cardiovascular-related issues in their patients. Through providing more effective treatments for conditions like PAD, Shockwave has carved out a unique niche within the medical community.
This recent boost in investment from Gradient Investments LLC serves as further evidence of investors’ desire to get involved with companies working towards revolutionizing healthcare outcomes through advancements in modern medicine.
Looking toward the future, there is reason to believe that Shockwave Medical will continue on its trajectory towards success through its commitment to creating innovative technology solutions within the healthcare industry. As analysts project promising financials heading into next year and beyond, it appears that investing in this innovative medical device company may be a wise move for those looking for growth opportunities within their portfolios moving forward.
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Institutional Investors Show Interest in ShockWave Medical’s Innovative IVL Technology
ShockWave Medical (NASDAQ: SWAV) has caught the attention of hedge funds and institutional investors alike as they either add to or reduce their stakes in the medical device company. Raymond James & Associates, Bank of New York Mellon Corp, Rhumbline Advisers, Vontobel Holding Ltd., and Canada Pension Plan Investment Board have all made moves in the first quarter. These transactions have resulted in over 90% of the stock being owned by institutional investors.
NASDAQ: SWAV opened at $286.47 on Tuesday with a market cap of $10.48 billion and a P/E ratio of 45.18. The two-hundred day moving average price is $232.18, while its fifty day moving average price is $284.59. Shockwave Medical’s one-year low is $172.50 and its high is $320.54 with a beta of 1.00.
The California-based medical device manufacturer’s intravascular lithotripsy (IVL) technology treats calcified plaque in patients with heart valve disease, peripheral vascular disease (PAD), and coronary vascular disease internationally and domestically through products such as M5 IVL catheter and S4 IVL catheter, amongst others.
Major analysts like Deutsche Bank Aktiengesellschaft, Needham & Company LLC, and Bank of America have given positive rating reviews on Shockwave Medical lately leading to increased investor confidence.
In other news reported on June 26th by SEC.gov, insider Isaac Zacharias sold 4,000 shares totaling to a value exceeding one million dollars at an average price per share of $291.84 followed by Sara Toyloy who sold 235 shares valued at approximately $69,625 on May 11th.
