12 Best Medical Device Stocks to Invest In Now

6. Penumbra, Inc. (NYSE:PEN)

Number of Hedge Fund Holders: 47

Penumbra, Inc. (NYSE:PEN) ranks among the best medical device stocks to invest in. Needham raised Penumbra, Inc. (NYSE:PEN) from Hold to Buy on October 8 and set a $326 price target on the company’s shares, citing anticipated faster revenue growth in 2026. The firm identified four major factors that will contribute to the expected growth: the Ruby XL launch, the STORM-PE trial findings, the impending Thunderbolt product launch, and an ease of headwinds in China.

Particularly, Needham emphasized that Thunderbolt is expected to nearly double Penumbra’s revenue per stroke procedure, which should lead to further growth in neuro thrombectomy and additional improvement in gross margins.

Penumbra’s shares should rise, according to Needham, as a result of both multiple expansions brought on by the company’s fast revenue growth and improving 2026 revenue and EPS projections.

Penumbra, Inc. (NYSE:PEN) based in California, is a global leader in thrombectomy and vascular intervention technologies, offering products such as the Indigo and Lightning series, as well as neuro and vascular embolization solutions.