5 Biotech Stocks to Buy Today According to Kerr Neilson’s Platinum Asset Management

4. Prometheus Biosciences, Inc. (NASDAQ:RXDX)

Platinum Asset Management’s Stake Value: $20.6 million

Percentage of Platinum Asset Management’s 13F Portfolio: 0.57%

Number of Hedge Fund Holders: 13

Prometheus Biosciences, Inc. (NASDAQ:RXDX) is a biopharmaceutical firm that is involved in the discovery and development of treatments for inflammatory bowel diseases. These diseases include ulcerative colitis, interstitial lung disease, and other diseases.

Prometheus Biosciences, Inc. (NASDAQ:RXDX) reported $90 million in net loss for its latest fiscal year alongside cash and cash equivalents that were worth $257 million for the 12 months ending in December 2021. Wells Fargo raised the company’s price target to $53 from $42 in March 2022 as it stated that proficient management execution and optimistic expectations from a colitis drug were positives for the company.

Platinum Asset Management held 521,529 Prometheus Biosciences, Inc. (NASDAQ:RXDX)  during Q4 2021 for a $20.6 million stake that represented 0.57% of its investment portfolio. 13 of the 924 hedge funds surveyed by Insider Monkey for the same time period had invested in the firm.

Joseph Edelman’s Perceptive Advisors is Prometheus Biosciences, Inc. (NASDAQ:RXDX) ‘s largest investor through a $125 million stake that comes via 3 million shares.