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Artisan Small Cap Fund Exited Axonics (AXNX) on an Acquisition Announcement

Soumya Eswaran
·3 分鐘文章

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets surged at the beginning of 2024 in anticipation of the US economy entering a "goldilocks" scenario - a soft landing combined with decreasing inflation, potentially leading to a cut in interest rates by the Fed. In the first quarter, its Investor Class fund ARTSX returned 9.43%, Advisor Class fund APDSX posted a return of 9.42%, and Institutional Class fund APHSX returned 9.48%, compared to a return of 7.58% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Small Cap Fund highlighted stocks like Axonics, Inc. (NASDAQ:AXNX), in the first quarter 2024 investor letter. Axonics, Inc. (NASDAQ:AXNX) is a medical technology company. The one-month return of Axonics, Inc. (NASDAQ:AXNX) was 0.39%, and its shares gained 38.73% of their value over the last 52 weeks. On May 28, 2024, Axonics, Inc. (NASDAQ:AXNX) stock closed at $67.13 per share with a market capitalization of $3.425 billion.

Artisan Small Cap Fund stated the following regarding Axonics, Inc. (NASDAQ:AXNX) in its first quarter 2024 investor letter:

"We ended our investment campaigns in Axonics, Inc. (NASDAQ:AXNX) during the quarter. Axonics is the focused innovator in sacral neuromodulation (SNM), a procedure involving a permanent implant that generates electrical pulses to treat overactive bladder disorders. The company has gone from no market share in 2018 to ~35% share today as its key competitor has failed to innovate over the years. We believe the Axonics implant is superior because it is longer lasting and rechargeable. Also, we view the company’s sales support as superior, something that matters for doctors as SNM becomes a more common procedure. In the quarter, we exited the position given the announced acquisition by Boston Scientific."

A patient in a medical office receiving a sacral neuromodulation treatment for their overactive bladder.

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Axonics, Inc. (NASDAQ:AXNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Axonics, Inc. (NASDAQ:AXNX) at the end of the first quarter which was 25 in the previous quarter.

The acquisition of Axonics, Inc. (NASDAQ:AXNX) by Boston Scientific Corporation has been finalized and the deal is expected to close in the first half of 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.