In the second quarter of 2023, Ken Griffin bought two promising NASDAQ stocks. This is what Wall Street pundits say about stocks.
• Citadel founder Ken Griffin is betting on two promising young stocks
• Strong buy recommendation for Mobileye Global
• Consensus rating for Acelyrin: “Strong Buy”
Star investor Ken Griffin
Anyone looking for effective investment strategies should take a look at the portfolios of star investors, whose successes speak for themselves. By figuring out what stocks they’re betting on at any given time, investors can capitalize on the decades-long success of the stock market giants, TipRanks explains. This group of investors also includes Ken Griffin, the founder and CEO of hedge fund Citadel. Currently, its net worth is $33.4 billion, according to Forbes, and in the second quarter of this year, its mutual fund under management, according to the submitted 13F form, is approximately $339 billion. Drawing on Griffin’s past track record and deep market knowledge, TipRanks examined what the analyst community is saying about two stocks Griffin’s fund recently bought.
NASDAQ Stock Mobileye Global
Mobileye Global is a leader in advanced driver assistance systems (ADAS) and autonomous driving technology. Founded in 1999, the company specializes in the development of image processing-based solutions and focuses on equipping vehicles with state-of-the-art cameras and sensors that enable a higher level of safety, efficiency and automation in road traffic. It was eventually acquired by Intel in 2017 and spun off in October 2022 in a successful IPO.
In the second quarter of this year, the company impressed with an adj. EPS of $0.17, beating the exchange’s forecast by $0.05. Revenue of $454 million fell 1.3 percent year-over-year, but that number exceeded the consensus estimate by $3.14 million. Still, Wall Street wasn’t particularly impressed, as the company maintained its full-year revenue guidance of between $2.07 billion and $2.11 billion. The midpoint of that range is just below analysts’ expectation of $2.1 billion, according to TipRanks.
Still, Griffin must see significant upside at the company, as his fund added a new position this quarter, acquiring 2,415,297 shares of the company, totaling over $83.9 million.
And Wall Street experts also see potential in the company. For example, Canaccord analyst George Gianarikas has a Buy rating on the stock, while his price target of $55 implies a one-year appreciation of the stock by 58.32 percent. Mobileye Global stock is currently trading at $34.74 (closing price 08/22/2023). And most analysts agree with Gianarikas’ opinion. Consensus gives the stock a strong buy rating on a 12 buy versus two hold basis. The average target price is $48.85.
NASDAQ Value Acelyrin
The second stock is biopharmaceutical company Acelyrin, which focuses on developing transformative therapies for patients. A relative newcomer, the company only made its IPO debut in May of this year. And the listing turned out to be a resounding success, as TipRanks explains. The company raised $621 million, launching the largest biotech IPO in the US since early 2021. Acelyrin is currently working on three different drugs, all of which are in different stages of development.
Griffin’s fund added 6,039,657 shares in the second quarter of 2023, which is currently valued at over $173.88 million at a share price of $28.79 (closing price 08/22/2023).
With several planned releases in the pipeline, Piper Sandler analyst Yasmeen Rahimi also has high expectations. “We envision the company becoming a pioneer in the field of inflammatory diseases. Alongside an exceptional management team, SLRN is currently developing three drugs, all with validated regulatory approvals: 1) Izokibep (IL-17A inhibitor); 2) Lonigutamab (Anti -IGF-1R); and 3) SLRN-517 (anti-c-KIT). Impressively, each of these compounds has the potential to enter the product pipeline, with the possibility of developing more blockbuster indications. With Looking ahead ~years, SLRN has 10 direct catalysts and 25 indirect catalysts that we believe will be key stock-moving events that will ultimately propel stocks higher,” Rahimi explains, giving the stock an Overweight rating and a price target from $68.
Besides Rahimi, however, also believe in the company’s success. In total, Acelyrin stock has received four analyst ratings in the recent past, all of which were positive, so the consensus view here is “Strong Buy,” according to TipRanks. The average target price is $42.67.
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