Are These Top Health Care Stocks Worth Buying Now?

You can’t deny that health care is one of, if not the most vital industries in the world today. As such, health care stocks would be among the hot stocks to buy in the stock market now. For one thing, there is plenty of exciting news surrounding the industry amidst the current pandemic. This would be the case from FDA drug approvals to the latest clinical trial findings on state-of-the-art treatments. Whether you are looking to make a defensive play or favor explosive gains, there could be top health care stocks for you.

For instance, we could look at the biggest news this week from the pharma giant Pfizer (NYSE: PFE). On top of its coronavirus vaccine receiving full FDA approval yesterday, the company is also making an acquisition. Namely, Pfizer will be acquiring cancer-focused biotech firm Trillium Therapeutics (NASDAQ: TRIL). The $2.3 billion all-cash deal would serve to significantly bolster Pfizer’s blood cancer division. At the same time, Bio-Path (NASDAQ: BPTH) received Investigational New Drug status on its acute myeloid leukemia treatment. Because of this, BPTH stock closed Tuesday’s trading day with gains of over 14%. Given all of this, would you consider these health care stocks to be top picks in the stock market today?

Best Health Care Stocks To Buy [Or Sell] This Week

Cara Therapeutics

Cara Therapeutics is a clinical-stage biopharmaceutical company that focuses on developing new chemical entities that are designed to alleviate pruritus (itchy skin) by targeting peripheral kappa opioid receptors (KOR). In essence, it is developing a novel and proprietary class of product candidates, led by its Korsuva drug. Furthermore, Korsuva is a first-in-class KOR agonist that targets KORs located in the peripheral nervous system and on immune cells.

Investors could be responding to the company announcing that it had received the U.S. Food and Drug Administration (FDA) approval for its Korsuva injection. All in all, the injection will be used to treat moderate to severe pruritus associated with chronic kidney disease in adults undergoing hemodialysis. Moreover, the company will be working closely with its commercial partner, Vifor Pharma to launch Korsuva in the U.S. in the coming months. Given this exciting piece of news, will you consider CARA stock a top health care stock to add to your portfolio?

CARA stock chart
Source: TD Ameritrade TOS

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Medtronic PLC

Medtronic is a medical device company with headquarters in Dublin, Ireland. Impressively, it is one of the world’s largest medical technology, services, and solutions companies, alleviating pain and restoring health for millions of people around the world. It has more than 90,000 employees worldwide, serving hospitals and patients in more than 150 countries.

Today, the company reported its first-quarter financials for fiscal 2022. To begin with, revenue for the quarter was $8 billion, an increase of 23% year-over-year. It also posted a GAAP diluted earnings per share of $0.56. First-quarter revenue in the U.S. was $4.101 billion, representing 51% of the company’s revenue and an increase of 22%. Medtronic is off to a strong start for the quarter as it comes ahead of its expectations, reflecting solid execution and continued procedure volume recovery with most of its business at or above pre-pandemic levels. With that being said, do you think that MDT stock is worth watching right now?

top health care stocks (MDT stock)
Source: TD Ameritrade TOS

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Novavax Inc.

Another name to consider in the health care industry now would be Novavax. For the most part, investors would be familiar with the company thanks to its work on a coronavirus vaccine. For the uninitiated, the Maryland-based biotech company focuses on developing vaccines for serious infectious diseases. Simply put, the company develops and commercializes its vaccines via a proprietary recombinant tech platform. According to Novavax, the platform “combines the power and speed of genetic engineering” to produce its coronavirus vaccine candidate.

Arguably, NVAX’s gains of over 5,000% since the start of 2020 would be thanks to its current work. Over the weekend, investors received yet another update on this front. In detail, the European Union is reportedly expecting Novavax to submit data for approval of its vaccine in October. This would mark yet another step in the right direction for Novavax in the current bid for full approval. Would all of this make NVAX stock worth jumping on for you?

health care stocks (NVAX stock)
Source: TD Ameritrade TOS

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BioNTech SE

BioNTech is a biotech company that is based in Mainz, Germany that develops and manufactures active immunotherapies. In brief, its next-generation immunotherapies are used to treat cancer and other serious diseases. The company also boasts a broad portfolio of oncology product candidates that includes individualized and off-the-shelf mRNA-based therapies.

The company announced on August 23, 2021, that its coronavirus vaccine, Comirnaty, had received full FDA approval for individuals 16 and older. It is the first vaccine to be granted full approval by the FDA and has been available in the U.S. under emergency use authorization (EUA) since December 2020. Also, for FDA approval, the company submitted a comprehensive data package that included longer-term follow-up data from its Phase 3 trial, where the vaccine’s high efficacy and favorable safety profile were observed up to six months after the second dose. For these reasons, will you watch BNTX stock?

best health care stocks (BNTX stock)
Source: TD Ameritrade TOS

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Ocugen Inc.

Ocugen is a biopharmaceutical company that develops and commercializes gene therapies to cure blindness diseases and is also developing a coronavirus vaccine. Notably, its breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug, and its novel biologic product candidate aims to offer better therapy to patients.

While all this is great, the real buzz around Ocugen now would be thanks to its involvement with Bharat Biotech. Together, the pair is looking to bring Bharat’s coronavirus vaccine candidate, Covaxin, to the U.S. and Canadian markets. Generally, the duo has completed the rolling regulatory submission to Health Canada and the review process has begun. At the same time, talks with the FDA remain ongoing. Moreover, Ocugen remains on track to initiate the first gene therapy trial for its OCU400 for inherited retinal diseases later this year. By and large, will you be keeping an eye on OCGN stock because of all this?

OCGN stock chart
Source: TD Ameritrade TOS

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