Are These The Best Health Care Stocks To Have On Your June 2022 Watchlist?
As talks of inflation and a possible recession dominate the headlines, investors may choose to rotate towards more defensive positions. Hence, health care stocks could be worth looking at. After all, health care stocks encompass a broad range of companies that are normally more resilient to a volatile market. These include drug retailers, insurance providers, hospitals, and biotech companies as well. Given the fact that health care is a necessity, there will always be a demand for the products and services that these companies provide. Therefore, health care stocks could make for a viable play during an uncertain market.
Moreover, the sector rarely lacks positive developments as companies work to find cures for a whole host of diseases. For instance, Merck (NYSE: MRK) recently announced that KEYTRUDA was approved by the European Commission as a neoadjuvant treatment in combination with chemotherapy. It will also serve as monotherapy as adjuvant treatment after surgery for adults with locally advanced or early-stage triple-negative breast cancer at a high risk of recurrence.
Elsewhere, Pfizer (NYSE: PFE) also launched a groundbreaking initiative to provide its high-quality medicines and vaccines on a not-for-profit basis to 45 lower-income countries. Thus, the initiative would hopefully reduce the health inequalities that exist between lower-income countries and the rest of the world. Overall, it is likely that health care stocks will remain relevant. With that said, here are three top names to check out in the stock market today.
Health Care Stocks To Watch Right Now
- Thermo Fisher Scientific Inc. (NYSE: TMO)
- Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN)
- AbbVie Inc (NYSE: ABBV)
Thermo Fisher
Thermo Fisher is a health care company that develops, manufactures, and sells a range of products. With annual revenue of approximately $40 billion, it is a world leader in serving science. Thus, the company is set on making sure its customers are at the forefront of making the world a healthier, cleaner, and safer place. The company offers its products and services through various brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD. Despite trading sideways over the past year, TMO stock has still risen more than 16% within the period.
Earlier this week, the company and Qatar Genome Program (QGP) announced a partnership to accelerate genomic research and clinical applications of predictive genomics in Qatar. This is a step toward expanding the benefits of precision medicine across Arab populations globally. Together, the companies will develop an Axiom custom genotyping array using whole-genome sequencing data from 19 Arab countries.
With this, it would hopefully help drive scientific research and insights into severe conditions that exist today. This includes diabetes, cardiovascular and metabolic diseases, autism, cancer, and many more. Safe to say, this may well be a building block for implementing precision medicine initiatives at scale for the future of the industry. Investors should also note that the company recently declared a quarterly cash dividend of $0.30 per common share. All in all, would you say that TMO stock has more room to grow?
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Biohaven Pharmaceutical
Another top health care stock to note today is Biohaven Pharmaceutical. For those unaware, the company’s portfolio aims to improve the lives of patients with debilitating neurological and neuropsychiatric diseases. Biohaven’s progress is largely driven by a wide range of experience in drug development along with the support of top-tier biopharma investors. In fact, BHVN stock has climbed more than 30% within the past month.
For most parts, the movement is largely fueled by the proposed acquisition by Pfizer earlier this month. Both companies announced that they entered into a definitive agreement where Pfizer will acquire Biohaven. Accordingly, Pfizer will acquire all outstanding shares of Biohaven not already owned by Pfizer for $148.50 per share in cash. Safe to say, Pfizer will likely accelerate its mission to deliver migraine medicines to even more patients.
Now, Biohaven is not resting on its laurels. On Monday, the company announced that the U.S. Food and Drug Administration (FDA) has filed and accepted for review a New Drug Application (NDA) for zavegepant nasal spray. This is the only small molecule calcitonin gene-related peptide (CGRP) receptor antagonist in an intranasal formulation, for the acute treatment of migraine in adults. If successful, the drug would open new possibilities for patients who need ultra-rapid relief, in as early as 15 minutes. All things considered, would you be adding BHVN stock to your watchlist?
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AbbVie Inc.
AbbVie is a biopharmaceutical company that focuses on addressing some of the world’s greatest health challenges. Accordingly, it helps develop and commercializes advanced therapies that impact the lives of millions of people all around the globe. It also employs approximately 50,000 employees. The company has been active in May, with multiple updates on both its drug approvals and submissions to regulatory bodies.
Notably, this would include its new drug application to the FDA for investigational ABBV-951. If approved, ABBV-951 will offer patients the first continuous subcutaneous delivery of carbidopa/levodopa (CD/LD) prodrugs for the treatment of advanced Parkinson’s disease. Also, it submitted this application with results from a Phase 3 clinical trial that demonstrate statistically significant improvement in “On” time without troublesome dyskinesia compared to oral immediate-release CD/LD. “Advanced Parkinson’s disease causes unrelenting challenges and uncertainty for patients and caregivers worldwide,” said Thomas Hudson, M.D., senior vice president, research and development, chief scientific officer, AbbVie. “We are committed to addressing the unmet needs of those affected by the disease and recognize the urgency for a new treatment that can enable better symptom control through the continuous 24-hour administration of medication.”
On May 23, 2022, the company also announced that the European Medicines Agency has adopted a positive opinion recommending the approval of upadacitinib for the treatment of adults with moderate to severe ulcerative colitis (UC). UC is the chronic inflammation of the large intestine, usually beginning in the rectum and lower colon. Given these encouraging developments, is ABBV stock worth investing in right now?
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