5 Best Performing Biotech Stocks in 2022

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

Number of Hedge Fund Holders: 25

YTD Share Price Gain as of December 28: 170.99%

Prometheus Biosciences, Inc. (NASDAQ:RXDX) is a California-based biopharmaceutical company engaged in the discovery, development, and commercialization of novel therapeutics and diagnostics products for the treatment of inflammatory bowel diseases. On December 7, the stock jumped meaningfully when Prometheus Biosciences, Inc. (NASDAQ:RXDX) announced that its medicine PRA023 showed strong efficacy and favorable safety in two mid-stage trials in patients with ulcerative colitis and Crohn’s disease. Year-to-date as of December 28, Prometheus Biosciences, Inc. (NASDAQ:RXDX) shares have surged 171%, making it one of the best biotech stocks in 2022. 

On December 8, Credit Suisse analyst Tiago Fauth raised the firm’s price target on Prometheus Biosciences, Inc. (NASDAQ:RXDX) to $142 from $59 and maintained an Outperform rating on the shares following ulcerative colitis and Crohn’s disease data.

According to Insider Monkey’s data, 25 hedge funds were long Prometheus Biosciences, Inc. (NASDAQ:RXDX) at the end of Q3 2022, compared to 20 funds in the prior quarter. Bihua Chen’s Cormorant Asset Management is the largest stakeholder of the company, with approximately 2 million shares worth $116.8 million. 

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