Are These Top Health Care Stocks Worth Investing In Now? 4 To Consider
The health care industry has and continues to play a crucial role in our world today. Because of this, investors continue to turn towards the top health care stocks on the market. It is not surprising that most would be paying more attention to their overall health amidst these times. No doubt, as we are approaching the one-year mark for the current pandemic, health care remains crucial as ever.
The healthcare names we often hear about are the likes of vaccine superstars such as Moderna (NASDAQ: MRNA). Another newcomer in that department would be Johnson & Johnson (NYSE: JNJ) who just got U.S. FDA approval for its single-dose vaccine. Aside from that, innovations in the health care space are still plentiful outside of coronavirus-related research as well. Take AstraZeneca (NASDAQ: AZN) for example. Yes, it does have a vaccine candidate, but it recently sold its 7.7% stake in Moderna for almost $1 billion. From this, the company is looking to finance its acquisition of Alexion Pharmaceuticals (NASDAQ: ALXN) to expand its rare disease drug portfolio. As such, there is no shortage of entry points into the industry. On that note, here are four health care stocks to consider right now.
Best Health Care Stocks Watch Right Now
- Dentsply Sirona Inc. (NASDAQ: XRAY)
- Quidel Corporation (NASDAQ: QDEL)
- Perrigo Company (NYSE: PRGO)
- Veeva Systems Inc. (NYSE: VEEV)
Dentsply Sirona Inc.
Starting us off is medical equipment company, Dentsply Sirona. In summary, it is the world’s largest manufacturer of dental equipment and products. Through its world-class portfolio, Dentsply offers a full suite of restorative dental offerings and technology. This ranges from 3D imaging systems to consumable oral health solutions. Safe to say, Dentsply is no newcomer to the industry with over a century of experience catering to patients worldwide. The company also provides dental professionals with comprehensive end-to-end solutions. More importantly, XRAY stock shot up by over 12% during intraday trading yesterday. This does line up with its recent quarter fiscal announced before this week’s opening bell.
In it, the company posted an earnings per share of $0.45 on revenue of $1.08 billion for the quarter. Admirably, Dentsply exceeded Wall Street consensus estimates on both of these figures. CEO Don Casey cited strong operational performance from Dentsply’s team as a key driver of this growth. Given the significant pandemic-related impacts on the global dental market, Dentsply continues to show resilience.
Moving forward, Dentsply’s latest acquisition of clear aligner company Byte should help accelerate its 2021 growth as it enters the growing aligner market. Time will tell if Dentsply can make the most of a recovering global dental market this year. In the meantime, would you consider adding XRAY stock to your portfolio?
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Quidel Corporation
Another top health care company in focus now would be Quidel. In brief, the company manufactures diagnostic health care products. Notably, it is the company behind the first COVID-19 antigen test to receive emergency use approval (EUA) from the U.S. FDA. If that wasn’t enough, the company also got a EUA for its severe acute respiratory syndrome (SARS) rapid test kit back in December. Similarly, QDEL stock is on investors’ radars again this week as it just received yet another regulatory update from the FDA.
In detail, it was revealed that Quidel received another EUA. This time, it is for its Quidel QuickVue At-Home COVID-19 Test. As the name suggests, it is a rapid COVID-19 test kit which the general population can use at home. For one thing, the test does not require laboratory analysis to produce results. This provides another groundbreaking means of fighting the pandemic. In turn, this would mean yet another stream of revenue for the company.
All in all, Quidel has a total of three approved test kits on the market. The team at Quidel has definitely risen to the challenge throughout this pandemic, to say the least. In the long-term, the company’s good track record with the FDA could also give it an edge over the competition. In light of all this, will you be investing in QDEL stock?
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Perrigo Corporation
Perrigo is an Ireland-based pharmaceutical company that manufactures private-label over-the-counter (OTC) medicines and wellness solutions. In particular, it is among the largest store brand OTC players in the U.S. On the international front, it is one of the top five OTC companies by revenue in Europe. Yesterday, PRGO stock surged by over 12% at the opening bell thanks to its most recent announcement.
Namely, Perrigo revealed that it would be selling its Generic Rx Pharmaceuticals business to Altaris Capital Partners. The price for the transaction will be a whopping $1.5 billion in cash. CEO Murray Kessler said that this sale was the “most impactful step in Perrigo’s transformation plan.” Simply put, Perrigo is aiming to become a pure-play global consumer self-care company. According to Kessler, the company’s $4 billion Consumer Self-Care portfolio can now focus on growing self-managed health and wellness trends.
If anything, the transaction does put Perrigo in a strong financial position. The company expects to have over $2 billion in cash on hand once the deal closes. Indeed, without having to meet strict multi-year approval processes for prescription drugs, Perrigo could bring more products to the market faster. With consumers focusing on their health and wellness amidst the pandemic, could PRGO stock be a buy now?
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Veeva Systems Inc.
Last but not least, we have cloud-based software company Veeva. For some context, the company mainly caters to the global life sciences industry. Through its cloud-based offerings, Veeva assists its clients in regulatory processes and sales. Thanks to its position in the pandemic-boosted cloud and health care sectors, Veeva would see a massive demand for its offerings.
Likewise, it boasts an impressive list of over 950 clients, ranging from the largest pharmaceutical companies to emerging biotechs. The likes of which include, Eli Lilly (NYSE: LLY), Biogen (NASDAQ: BIIB), and Moderna. With its industry-wide reach, investors would likely be watching VEEV stock ahead of Veeva’s earnings call after today’s closing bell. Could the company be worth watching?
Well, last month, Veeva revealed that over 250 companies rely on its applications for end-to-end regulatory information management. According to Veeva, this includes 12 of the top 20 global pharmaceutical companies. With its services being used to streamline and refine regulatory processes, Veeva could be looking at long-term growth potential even in a post-pandemic world. After all, the company has posted consistent revenue growth over the past few years. Could this mean that Veeva is set to record another solid quarter? If so, would you consider VEEV stock a buy?
