Should Investors Be Buying These Top Health Care Stocks Today?
Health care stocks, among other things, could be in focus in the stock market today. Namely, this would be thanks to the Biden administration’s latest COVID-19 vaccine mandate. In detail, U.S. employers with over 100 workers must now ensure their staff is either fully vaccinated or tested each week for the virus. On top of that, another separate mandate requires Medicare and Medicaid employers to have a fully vaccinated workforce. Overall, both mandates will cover an estimated 84 million U.S. workers, about two-thirds of the current U.S. workforce.
All of this would serve to highlight the Biden administration’s increasingly aggressive focus on keeping the pandemic at bay. Even with parts of the economy reopening, the fight against COVID-19 carries on. Evidently, the likes of Merck (NYSE: MRK) and CVS Health (NYSE: CVS) are now prominent players in this fight. On one hand, Merck’s antiviral COVID-19 pill, the world’s first oral treatment for the disease, received regulatory approval in the U.K. today.
On the other hand, CVS Health crushed analyst estimates with an earnings per share of $1.97 on revenue of $73.79 billion for the quarter. The company cites increased prescriptions and a boom in COVID-19 vaccine administrations for its strength throughout the quarter. Aside from these two instances, the health care industry continues to press forward on numerous fronts today. On that note, could one of these health care stocks be worth watching in the stock market now?
Best Health Care Stocks To Buy [Or Sell] This Month
- Regeneron Pharmaceuticals Inc. (NASDAQ: REGN)
- iRhythm Technologies Inc. (NASDAQ: IRTC)
- KaryoPharm Therapeutics Inc. (NASDAQ: KPTI)
- Tyra Biosciences Inc. (NASDAQ: TYRA)
Regeneron Pharmaceuticals Inc.
Starting off, we have Regeneron Pharmaceuticals, a leading biotechnology company that has brought forth many life-transforming medicines for people with serious diseases. With more than 30 years of experience in the field, the company’s unique ability to repeatedly and consistently translate science into medicine has led to nine FDA-approved treatments and numerous product candidates in development. REGN stock currently trades at $645.18 as of 10:52 a.m. ET and has year-to-date gains of over 30%.
Today, the company has just reported its third-quarter financial and operating results. Diving in, its revenues increased by 51% year-over-year to $3.45 billion. Impressively, this includes $804 million from its monoclonal antibody therapy, REGEN-COV, for post-exposure prophylaxis for COVID-19. GAAP net income for the quarter was $1.63 billion or a diluted earnings per share of $14.33.
The company also says it has over 30 product candidates in clinical development. Notably, its Dupixent drug was approved for children aged 6 to 11 years with moderate-to-severe asthma last month. Given all of this, is REGN stock a top health care stock to buy right now?
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iRhythm Technologies Inc.
iRhythm Technologies is a digital health care company that redefines the way cardiac arrhythmias are clinically diagnosed by combining its wearable biosensing technology with cloud-based data analytics and machine-learning capabilities. It strives to be a leading provider of first-line ambulatory electrocardiogram, or ECG, to monitor patients at risk for arrhythmias. IRTC stock has more than doubled in valuation in the past month alone and currently trades at $117.86 as of 10:52 a.m. ET.
This latest rally seems to be coming from investors responding to a press release by the company on Tuesday. In it, the Centers for Medicare and Medicaid Services (CMS) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule. The Final Rule was released on the same day and provides an update on payment policies, payment rates, and other provisions for services furnished under MPFS.
Despite not being included, iRhythm says that it is appreciative that CMS continues to engage with industry and other stakeholders. Investors seem to believe that this could play well for the company in the long run. On top of that, the company will be providing more information today after the market closes as it reports its third-quarter financials. Will you buy IRTC stock ahead of its earnings call?
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Karyopharm Therapeutics Inc.
Following that, we have Karyopharm Therapeutics. The company is a commercial-stage pharmaceutical company that pioneers novel cancer therapies and is dedicated to the development of novel first-in-class drugs that targets the treatment of cancer and other major diseases. KPTI stock currently trades at $7.94 as of 10:53 a.m. ET. On Wednesday, the company’s share price was up by over 30%. This comes after the company had reported a strong third-quarter.
Firstly, its XPOVIO net revenue was $26.7 million, up by 32% sequentially. It also had top-line data from its Phase 3 Siendo Study in endometrial cancer. It also had expansions in key clinical trials in multiple myeloma, and myelofibrosis.
“Driven by acceleration in demand growth for XPOVIO, Karyopharm delivered a strong third quarter, which saw a significant increase in net product revenues versus the second quarter of 2021. XPOVIO continues to move into earlier lines of therapy in multiple myeloma as a new and effective modality that can become the standard of care in second line plus where utilizing new mechanisms is critical to improve patient outcomes,” said Richard Paulson, President and Chief Executive Officer of Karyopharm. With that being said, will you consider buying KPTI stock?
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Tyra Biosciences Inc.
Last but not least, we will be taking a look at Tyra Biosciences. In essence, Tyra identifies as a precision oncology company that focuses on developing therapies. The likes of which serve to overcome tumor resistance and improve cancer patient outcomes.
For the most part, the company relies on its SNÅP platform that enables rapid and precise refinement of its drug candidates. More importantly, TYRA stock currently trades at $28.92 as of 10:53 a.m. ET after almost doubling in value over the past month.
By and large, the current momentum in the company’s shares appears to stem from growing investor interest in its cancer portfolio. Additionally, Tyra also raised a whopping $198.7 million in its initial public offering last month. As a result, the company now has $312.8 million in cash on hand, according to its latest quarterly earnings call. For some perspective, this marks a 1,957% year-over-year increase. With new funding and investors eyeing it now, will you be adding TYRA stock to your portfolio?
