3 Health Care Stocks For Your June 2022 Watchlist
With all the back-and-forth in the stock market recently, investors may be looking for more defensive stocks to jump on. Should that be the case, health care stocks would be among the key groups to consider. After all, the industry produces a vast array of life-improving solutions in the form of drugs and treatments. Even as the world looks to move beyond the coronavirus pandemic, health care in general remains as crucial as ever. With that in mind, knowing about some of the top health care stocks in the stock market today could, arguably, be the play.
For one thing, there is certainly no shortage of exciting developments in the industry now. As of earlier today, Johnson & Johnson (NYSE: JNJ) and AbbVie (NYSE: ABBV) received a positive update on their leukemia drug Imbruvica. Namely, Imbruvica, in combination with standard treatment, is reportedly effective at treating mantle cell lymphoma (MCL). According to the data, this treatment course can keep the disease at bay for more than two years longer than standard regimens. With Imbruvica already being a key treatment for chronic lymphocytic leukemia (CLL), this would be a win for both companies.
At the same time, there is also a rosy update regarding Pfizer’s (NYSE: PFE) antiviral Paxlovid treatment. Based on Israeli findings, Paxlovid reduces COVID-19 hospitalizations and death rates in vaccinated and unvaccinated patients 65 years and older. Safe to say, the health care industry remains as busy as ever. Should this have you keen on health care stocks, here are three to watch today.
Health Care Stocks To Buy [Or Sell] Right Now
- Bristol-Myers Squibb Company (NYSE: BMY)
- Teladoc Health Inc. (NYSE: TDOC)
- Moderna Inc. (NASDAQ: MRNA)
Bristol-Myers Squibb Co
Bristol Myers Squibb (BMY) is a pharmaceutical company that is also one of the largest in the world. For a sense of scale, it brought in a total revenue of $46.4 billion in fiscal 2021. In essence, the company discovers, develops, and delivers innovative medicines that help patients overcome serious diseases. Today, it announced that it will be acquiring Turning Point Therapeutics, a leading precision oncology company.
Diving in, the company announced a definitive merger agreement where BMY will acquire Turning Point Therapeutics (NASDAQ: TPTX) for $76 per share. Turning Point Therapeutics is a clinical-stage precision oncology company with a pipeline of investigational medicines designed to target the most common mutations associated with oncogenesis. Turning Point Therapeutics’ lead asset, repotrectinib, is a next-generation, potential best-in-class tyrosine kinase inhibitor (TKI) targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC) and other advanced solid tumors. Repotrectinib has been granted 3 Breakthrough Therapy Designations from the FDA.
The company expects repotrectinib to be approved in the U.S. by the second half of 2023. This could end up being a new standard of care for patients with ROS1-positive NSCLC in the first-line setting. “The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset,” said Giovanni Caforio, M.D., Board Chair and Chief Executive Officer, Bristol Myers Squibb. “With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile.” With that in mind, is BMY stock worth investing in right now?
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Teladoc Health Inc.
Teladoc Health is a multinational telemedicine and virtual health care company. It offers technology to connect and provides crucial health care to patients anywhere in the world. It provides whole-person virtual care that includes primary care, chronic condition management, mental health, and more. Its Primary360 for instance, provides a unified health care experience and gives patients greater control over the health care they seek.
Last month, the company received a target raise from Piper Sandler. The investment bank says that recent developments in virtual behavioral health could benefit Teladoc despite the company lowering its 2022 guidance. Analyst Jessica Tassan has an Overweight rating on Teladoc and also raised its price target to $42 a share. She cites mental care developments and interim app data as reasons why Teladoc could be on the rise.
In April, the company also reported its first-quarter financials for 2022. The company posted a net revenue of $565.4 million, growing by 25% year-over-year. The average revenue per U.S. paid member increased to $2.52 for the quarter, a 20.5% increase year-over-year. Teladoc says that it continues to deliver personalized, flexible, and efficient whole-person care at scale for its millions of consumers and patients. It also made significant progress in its strategic initiatives. This includes launching multiple clients on its innovative services like Primary360 and stepped-care chronic condition programs. Given this piece of news, would you consider having TDOC stock on your radar?
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Moderna Inc.
Another health care stock to watch in the stock market today would be Moderna. For the most part, the biotech company specializes in producing RNA therapies. The likes of which focus on a wide array of therapeutic fields. Among which are infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and auto-immune diseases. Pairing all this with its industry-leading work on its coronavirus vaccine, MRNA stock would be a name to consider.
Speaking of its work on the vaccine, investors may want to keep an eye on the company ahead of June 15. This would be the case as the U.S. Food and Drug Administration (FDA) will be evaluating the company’s vaccine for use in infants and toddlers. Should the data support an authorization, Moderna would receive yet another expansion to the use cases for its COVID-19 shot. In this case, investors would be keen to jump on MRNA stock.
Overall, this would be a key follow-up to Moderna’s prior efforts on this front. According to the company’s existing data, its vaccine is 51% effective against infection from the Omicron variant in children under age 2. Worth mentioning, Moderna’s CMO also notes that the antibody levels observed in clinical trial candidates could translate to high levels of protection against severe illness. As such, would MRNA stock make your list of top health care stocks to buy right now?
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