These Health Care Stocks Have Been On Fire In The Market This Year
There is no denying that health care will continue to play a vital role in the economy. Be it good times or bad, health care stocks could always present an opportunity for investors to make substantial gains. According to the Centers for Medicare & Medicaid Services, U.S. health care spending grew by 4.6% in 2019, reaching a whopping $3.8 trillion. Health care also accounted for nearly 18% of the U.S. gross domestic product (GDP) in that same year. If anything, health care demand would have spiked even more given the coronavirus pandemic wreaking havoc throughout the country last year.
The health care industry is very wide and consists of many industries. On one hand, we have biotech companies like Moderna (NASDAQ: MRNA) and Novavax (NASDAQ: NVAX) who have more than doubled in the last 6 months. On the other, we have drug makers like Regeneron (NASDAQ: REGN) who have come up with amazing treatments in dealing with the health crisis that we face today. Investors are watching the health care sector closely right now as they anticipate successful clinical trials or regulatory approvals. With so many health care companies to choose from, here is a list of top health care stocks to watch in the stock market today.
Best Health Care Stocks To Watch Right Now
- Benitec Biopharma (NASDAQ: BNTC)
- Oramed Pharmaceuticals Inc. (NASDAQ: ORMP)
- Soliton Inc. (NASDAQ: SOLY)
- Neogen Corporation (NASDAQ: NEOG)
Benitec is an Australian-based biotechnology company. In detail, the company focuses on the development of gene-silencing therapies for the treatment of chronic and life-threatening diseases. With its leading gene therapy capabilities and highly credentialed scientific team, Benitec plays an essential role in the scientific community by advancing novel treatment options. Also, BNTC stock has skyrocketed by over 160% during Tuesday’s trading session and currently trades at $8.31 as of 2:58 p.m. ET.
Investors seem to be responding to a filing with the U.S. Securities and Exchange Commission (SEC). Basically, it was shown that Morgan Stanley (NYSE: MS) has acquired a large amount of BNTC stock. With this recent share purchase, Morgan Stanley now owns a 5.2% stake in Benitec. That should give it enough voting power to influence the company’s future decisions.
Furthermore, its lead candidate BB-301 is a late-stage nonclinical investigational agent that is currently developed for the treatment of Oculopharyngeal Muscular Dystrophy (OPMD). Given the excitement surrounding the company, will you consider buying BNTC stock?
Oramed Pharmaceuticals Inc.
Oramed is a health care company that has developed an innovative technology to transform injectable treatments into oral therapies. To begin with, its flagship product, an oral insulin capsule, has the potential to better the lives of millions of diabetics around the world. Also, the company announced today that it has screened its first patients for its Phase 3 study of its lead candidate, ORMD-0801 for the treatment of type 2 diabetes. ORMP stock currently trades at $10.61 as of 2:59 p.m. ET and has enjoyed gains of over 130% year-to-date.
Last week, the company also announced a joint venture with Oravax Medical Inc. to develop a novel oral coronavirus vaccine. In a preclinical study, the oral vaccine was shown to successfully produce antibodies after just a single dose. The company reported that its candidate offers protection against the coronavirus variants that are currently plaguing the world due to triple antigen targeting.
The oral vaccine will also be much easier for wide-scale distribution and administration as compared to the current method of injection. The company will begin its clinical trial by the second quarter of the year. With that in mind, will you be watching ORMP stock?
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Soliton is a medical device company with a novel and proprietary platform technology. In brief, the company’s first commercial product uses rapid pulses of designed acoustic shockwaves to dramatically accelerate the removal of unwanted tattoos and temporarily improve the appearance of cellulite. Furthermore, the company does this through its Rapid Acoustic Pulse (RAP) device and is engaged in bringing it to the market. Soliton stock currently trades at $17.96 as of 2:59 p.m. ET and has been up by over 12% on today’s opening bell.
Earlier this month, it reported its fourth-quarter and full-year financials and provided an update on its medical device. The company’s RAP has a market target of over 38 million women in the U.S. The company also estimates that 44 million Americans want some form of tattoo removal. Soliton’s medical devices could also cater to a global market of $4 billion by 2023.
Impressively, the company reports that it is able to completely remove treated ink after only 3 treatment sessions. Given the potential use for its product, will you add SOLY stock to your watchlist?
Neogen is a health care company that provides a comprehensive range of solutions and services for food processing, animal protein, and agriculture industries. In essence, it is an international food safety company that provides test kits and relevant products to detect dangerous substances in food. Neogen stock currently trades at $86.04 as of 3:00 p.m. ET. The company has just reported its third-quarter results today.
In it, the company’s revenues were up by 17% at $116.7 million compared to a year earlier. On top of that, its third-quarter net income was $13.37 million, a 10% increase year-over-year. Revenues for the company’s food safety segment increased by 16% during the third quarter. This growth was aided in part by international acquisitions within the past year, including Megazyme, a food quality diagnostics company that is based in Ireland.
Also, the company’s animal safety segment enjoyed a growth of 18% in overall revenue. The segment’s performance was led by a 79% increase in sales of rodenticides throughout its product line. Given the impressive financials surrounding Neogen, will you consider buying NEOG stock?