5 Best Medical Device Stocks To Buy Now

In this piece we will take a look at the five best medical device stocks to buy now. If you want to learn more about the industry and find out about more stocks, then take a look at 12 Best Medical Device Stocks To Buy Now.

5. Illumina, Inc. (NASDAQ:ILMN)

Number of Hedge Fund Holders: 54

Illumina, Inc. (NASDAQ:ILMN) provides instruments and other devices that are used in genetic analysis and cancer detection services. The company is headquartered in San Diego, California, United States.

Illumina, Inc. (NASDAQ:ILMN) is the world leader in the crucial area of gene sequencing, as the company commands a 90% market share. For its fiscal year 2022, the company aims to grow its revenues by as much as 16%, and its total addressable markets stand at $22 billion, leaving it plenty of room for further growth. Looking toward the future, consensus estimates project a strong 19% revenue CAGR for Illumina, Inc. (NASDAQ:ILMN) over the next three years.

Canaccord kept a $520 price target for the company in July 2022, as it highlighted that Illumina, Inc. (NASDAQ:ILMN)’s core strengths are often overlooked. 54 of the 912 hedge funds part of Insider Monkey’s Q1 2022 poll had bought the company’s shares.

Illumina, Inc. (NASDAQ:ILMN)’s largest investor is Guardian Capital’s GuardCap Asset Management which owns 1.3 million shares that are worth $476 million.

In a fresh Q2 2022 investor letter, Ensemble Capital mentioned the company and stated that:

Illumina has 90% market share in the key technology platform know as gene sequencing that enables a wide range of genetic research and clinical applications. You can learn more about our full thesis on the company here. The company sells some of their equipment into China, where COVID related shutdowns is temporarily impacting sales. However, we don’t believe that China, or any country around the globe, has any intention of backing away from the long-term opportunity to use genetic research and applications to radically improve human health. For instance, the novel MRNA vaccines developed for COVID (the virus was sequenced on Illumina equipment) have demonstrated a broad new class of vaccines for development while at the same time major strides are being made in combatting cancer using genetic testing.