5 Biotech and Pharmaceutical Stocks to Buy According to Palo Alto Investors

3. Abiomed, Inc. (NASDAQ:ABMD)

PAI’s Stake Value: $182,251,000
Percent of 13F Portfolio: 10.04%
Number of Hedge Fund Holders: 24

Abiomed, Inc. (NASDAQ:ABMD) is engaged in the research, development, and sale of external and implantable circulatory support devices.

On August 18, Impella expandable percutaneous cardiac pump from Abiomed, Inc. (NASDAQ:ABMD) received breakthrough device characterization from the US Food and Drug Administration. On August 6, Deutsche Bank analyst Pito Chickering raised his price target on Abiomed, Inc. (NASDAQ:ABMD) to $410 from $360 and maintained a “Buy” rating on the shares.