These Health Care Stocks Are Trending In The Market This Week
Health care was one of the most important sectors in the last year. When the pandemic struck, the health care industry was pushed to the limit. With over 118 million people infected and over 2.6 million deaths from the coronavirus, there is a sense of urgency for health care stocks to push out the most effective treatments and drugs to combat the pandemic. Of course, the health care sector is very large and includes companies that sell medical devices, insurance, and also hospitals and health care providers. These could range from vaccine companies like Johnson & Johnson (NYSE: JNJ) or even medical device companies like Second Sight (NYSE: EYES) that have brought groundbreaking changes to the world.
Johnson & Johnson had won emergency use authorization (EUA) in the U.S last month. In the three days before its authorization, an advisory committee endorsed the vaccine for authorization in a unanimous vote. With the authorization, President Biden today announced that the U.S. will be ordering an additional 100 million vaccine doses from the company. Johnson & Johnson’s vaccine has an efficacy of 66%, which is above FDA requirement for EUA.
Second Sight announced last week that it had received FDA approval for its Argus 2s Retinal Prosthesis System. Its prosthesis system is used to treat retinitis pigmentosa, a genetic disorder that causes a loss of peripheral vision. EYES stock has risen by over 700% since the start of the month. Given all of this, there is a lot of potential for investors who are looking to invest in health care stocks. With that in mind, here is a list of top health care stocks to consider buying.
Best Health Care Stocks To Buy
- MediciNova Inc. (NASDAQ: MNOV)
- bluebird bio Inc. (NASDAQ: BLUE)
- Chromadex Corp (NASDAQ: CDXC)
- Enveric Biosciences Inc. (NASDAQ: ENVB)
MediciNova Inc.
MediciNova is a health care company that is developing novel therapeutics with a focus on neurology, respiratory, and liver diseases. The company is developing MN-166 (ibudilast) for neurological disorders such as progressive multiple sclerosis and amyotrophic lateral sclerosis. MNOV stock is up by over 50% at today’s opening bell. This seems to come from an announcement of a partnership with the Biomedical Advanced Research and Development Authority (BARDA). The partnership entails repurposing MN-166 as a potential medical countermeasure against lung damage induced by chlorine gas.
Lung damage from chlorine gas could include acute respiratory distress syndrome (ARDS) and acute lung injury (ALI). Considering that pulmonary edema is a hallmark feature of exposure to chlorine, MN-166 has the potential to improve health outcomes and save lives. Given this, MN-166’s success could add a new dimension to the company’s revenue growth for the long run. All things considered; do you think MNOV is a health care stock that is worth adding to your portfolio?
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bluebird bio Inc.
bluebird is a clinical-stage biotech company that is developing gene therapies for severe diseases and cancer. With the company’s lentiviral-based gene therapy and gene editing capabilities, it has created an integrated product platform with various applications. Its clinical programs in severe genetic diseases include its LentiGlobin product candidate. The product aims to treat transfusion-dependent b-thalassemia and to treat severe sickle cell disease (SCD). Bluebird stock is up by over 8% on today’s opening bell and currently trades at $32.51 as of 10:53 a.m.
This latest rally seems to be coming from the company’s update for its LentiGlobin gene therapy program. Analyses have demonstrated that the lentiviral vector BB305 was unlikely to cause acute myeloid leukemia (AML) in the clinical study of LentiGlobin for SCD. Last month, the company suspended its program after a patient developed AML. The company has initiated the process with regulators to resume its clinical studies. This is after identifying that its program did not cause AML. Given that the company is now in the clear, will you consider buying BLUE stock?
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ChromaDex Corp.
ChromaDex is a global bioscience company that is dedicated to healthy aging. It has a team of world-renowned scientists and is pioneering research on nicotinamide adenine dinucleotide (NAD+). In detail, the company is the brains behind Tru Niagen which is an NAD+ precursor. Tru Niagen is a central regulator in energy metabolism. It is believed to play an important role in healthy human aging. CDXC stock is up by over 5% on today’s opening bell and currently trades at $12.33 as of 10:54 a.m. ET. Investors seem to be responding to the company’s announcement today.
ChromaDex announced that its flagship consumer product Tru Niagen will be available in 3,000 Walmart (NYSE: WMT) retail stores across the U.S. beginning June 2021. Furthermore, given its properties to help users age better by safely and effectively increasing NAD+, demand for this new dietary supplement, could rake in huge revenue for ChromaDex. What sets the company’s product apart from other anti-aging competitors? It has regulatory approval from the FDA, Health Canada, and the European Commission. Given the excitement surrounding the company, will you consider buying CDXC stock?
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Enveric Biosciences Inc.
Enveric is a health care company that enhances the lives of those that are adversely affected by the side effects of cancer treatments. In short, Enveric rigorously tests natural compounds like cannabinoids to provide patients and clinicians with novel prescription medicines to serve unmet medical needs. The company’s shares are up by over 80% and currently trades at $5.57 as of 10:54 a.m. This latest rally comes after the company signed a definitive agreement to acquire an exclusive license for novel molecules from Diverse Biotech.
Basically, Diverse Biotech focuses on developing new molecules for treating oncology and other debilitating diseases. Enveric will research and develop these new drugs with the goal of alleviating the side effects that cancer patients experience. Also, this agreement will expand its cannabidiol conjugate platform into oncology supportive care for the first time. The company believes that this collaboration has the potential to advance its research more efficiently. This would ultimately bring therapies to the market faster to serve unmet medical needs in this large patient population. Would you consider buying ENVB stock for this reason?
