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Inari Medical (NARI) Fell on Investor Concerns

Soumya Eswaran
·3-min read

Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Discovery Fund featured stocks like Inari Medical, Inc. (NASDAQ:NARI) in the first quarter 2024 investor letter. Headquartered in Irvine, California, Inari Medical, Inc. (NASDAQ:NARI) is a medical device company that builds minimally invasive, novel, and catheter-based mechanical thrombectomy devices and accessories. On May 14, 2024, Inari Medical, Inc. (NASDAQ:NARI) stock closed at $45.50 per share. One-month return of Inari Medical, Inc. (NASDAQ:NARI) was 17.57%, and its shares lost 34.00% of their value over the last 52 weeks. Inari Medical, Inc. (NASDAQ:NARI) has a market capitalization of $2.65 billion.

Baron Discovery Fund stated the following regarding Inari Medical, Inc. (NASDAQ:NARI) in its first quarter 2024 investor letter:

"Inari Medical, Inc. (NASDAQ:NARI) offers catheter-based devices to remove clots from veins, known as venous thromboembolism (VTE). VTE is the third most common vascular condition in the U.S. after heart attacks and strokes, and if left untreated it can be fatal. The stock detracted from performance on investor concerns about a competitive product launch from Penumbra, Inc., coupled with Inari’s disclosure of a Department of Justice civil investigation concerning some of its payments to doctors. Such investigations are common in the medical technology industry, and we anticipate any potential fine to be manageable based on precedent. Inari’s core VTE market remains largely untapped, with many patients still relying on ineffective drugs, leaving ample room for multiple devices to succeed. In addition, Inari is at various stages of launching multiple new products (for other venous and arterial blockage conditions) that could unlock billions of dollars in additional addressable market."

A surgeon holding a single-use catheter system in a public hospital, demonstrating its successful use in treating lower extremity vascular disease.

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Inari Medical, Inc. (NASDAQ:NARI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Inari Medical, Inc. (NASDAQ:NARI) at the end of the fourth quarter which was 27 in the previous quarter.

In another article we discussed Inari Medical, Inc. (NASDAQ:NARI) and shared ClearBridge Small Cap Growth Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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