4 Health Care Stocks To Consider Buying In March
Health care is one of the most important sectors in the world today. They are one of the largest and most complex sectors, with a broad range of companies that sell medical products and services. Investors are watching the health care industry closely as some companies have received regulatory approval for new drugs and treatments. The World Health Organization reports that health spending is transitioning globally and global spending on health continues to rise. It was over $7.8 trillion in 2017 and could be higher today given the pandemic. With the health care sector growing significantly faster than other industries, should investors be paying more attention to health care stocks?
Today, we see health care companies making headlines all over the world. For instance, we see health care giant Merck & Co (NYSE: MRK) helping archrival Johnson & Johnson (NYSE: JNJ) to manufacture the latter’s coronavirus vaccine. The U.S. government will help facilitate this partnership in several ways, including invoking the Defense Production Act to equip two Merck facilities to the standards necessary to safely manufacture the vaccine. There is certainly a lot of potential for the industry to grow even after the pandemic is behind us. This is because health care will always be an essential need for people all over the world. With that in mind, here is a list of top health care stocks to watch in the stock market this month.
Best Health Care Stocks To Buy
- Fulgent Genetics (NASDAQ: FLGT)
- Milestone Pharmaceuticals (NASDAQ: MIST)
- Nurix Therapeutics Inc. (NASDAQ: NRIX)
- Hutchison China MediTech (NASDAQ: HCM)
Fulgent is a health care company that offers genetic testing to provide physicians with clinically actionable diagnostic information to improve patient care. Additionally, it has developed a technology platform that integrates data comparison and suppression algorithms, adaptive learning software, and advanced genetic diagnostics tools. Impressively, Fulgent’s share price has skyrocketed by over 25% on today’s opening bell and currently trades at $101.00 as of 1:46 p.m. ET. Investors seem to be responding to the company’s stellar fourth-quarter financials.
In it, the company reported a whopping 3,400% increase in revenue at $295 million. It delivered approximately 3.2 million Billable tests for the quarter, approximately 230 times the volume year-over-year. Its success came from the pandemic as Fulgent was one of the top providers of coronavirus testing in the country. The company says that the results it achieved were possible because of its differentiated technology platform built over the ten years since it was founded.
Impressively, its non-coronavirus revenue grew by 42% year-over-year. Fulgent is also not resting on its laurels as it continues to expand its capacity and commercial capabilities for the months ahead. Given the impressive financials, will you consider buying FLGT stock?
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Milestone Pharmaceuticals Inc.
Milestone Pharmaceuticals is a clinical-stage biopharmaceutical company. In detail, the company focuses on developing and commercializing Etripamil for the treatment of cardiovascular indications. It is developing Etripamil as a nasal spray to be administered by the patient to terminate episodes of paroxysmal supraventricular tachycardia (PSVT) as they occur. Milestone is also developing treatments for Atrial Fibrillation and Angina. MIST stock is up by over 7% today.
This latest rally seems to be coming from Wall Street analysts giving the stock a Strong Buy rating. The average price target is $13.25 which means analysts expect the stock to climb by over 70% in the next 12 months. Given that the current standard care for acute treatment of PSVT is an intravenous injection of adenosine, usually given in a hospital or emergency department, Milestone’s nasal spray variant could prove to be a game-changer. Given the company’s potential, do you think MIST stock is worth buying?
Nurix Therapeutics Inc.
Nurix is a health care company that develops oral, small molecule therapies to modulate cellular protein levels. In brief, these therapies are a novel treatment approach for cancer and immune disorders. It’s lead drug candidate, NX-2127 is an orally available Bruton’s tyrosine kinase (BTK) degrader for the treatment of relapsed and refractory B-cell malignancies. NRIX stock is up by over 10% on today’s opening bell. Also, it is currently traded at $34.93 as of 2:23 p.m. ET.
Last month, it reported its fourth quarter and fiscal year 2020 financial results. In it, the company announced that its first investigational new drug (IND) application was cleared by the U.S. Food and Drug Administration (FDA). The company also expanded its collaboration with Sanofi (NASDAQ: SNY). As part of the multi-year collaboration, Nurix is using its proprietary drug discovery platform, DELigase that integrates its DNA-encoded libraries (DEL) and its portfolio of E3 ligases.
Furthermore, Sanofi will have exclusive rights and be responsible for the clinical development and commercialization of drug candidates resulting from the work. As the company seems to be picking up momentum in 2021, will you consider buying NRIX stock?
Hutchison China MediTech
Hutchison China MediTech or Hutchmed is a company that is principally engaged in the manufacture and sale of drugs. It is among the first global-focused novel drug discovery companies in China. Over the past two decades, it has fully integrated its R&D platform with world-class discovery and development capabilities. Hutchmed boasts over 600 professionals and a pipeline of 10 clinical-stage drug candidates in clinical studies all around the world. HCM stock is up by over 5% after announcing its fourth-quarter financials yesterday.
In it, the company reported a total revenue of $228 million, an 11% increase year-over-year. Its oncology/immunology consolidated revenues were $30.2 million for the quarter. Hutchmed also ended the quarter with $435.2 million in cash. The company is certainly firing on all cylinders as it continues to aggressively expand its R&D capabilities. R&D expenses were $174.8 million for the quarter as a result of an expansion in the development of its 10 novel oncology drug candidates.
Furthermore, it has 6 of them in global development, with rapidly scaling international clinical and regulatory operations around the world. All things considered, will you have HCM stock as a top health care stock to buy?