10 Best Cancer Stocks To Buy Now

5. Pfizer Inc. (NYSE:PFE)

Hedge Fund Holdings: 84 

Pfizer Inc. (NYSE:PFE) has established itself as a powerhouse in the fight against cancer. The company currently markets three blockbuster oncology therapies: Ibrance for breast cancer, Xtandi for prostate cancer, and Inlyta for kidney cancer. These drugs, along with a dozen other cancer treatments, contribute significantly to Pfizer’s annual sales. What sets Pfizer apart in the oncology field is its commitment to innovation and strategic acquisitions. The company’s recent $43 billion acquisition of Seagen, a biotechnology firm specializing in antibody-drug conjugates (ADCs), has significantly bolstered its position in the cancer treatment market. This move is expected to enhance Pfizer’s oncology portfolio and contribute more than $10 billion in risk-adjusted revenues by 2030.

Pfizer Inc. (NYSE:PFE)’s investment in ADC technology through the Seagen acquisition is a game-changer. ADCs are cutting-edge therapies that precisely target tumors with powerful chemotherapy while minimizing damage to surrounding tissues. This technology is highly sought after in the industry, positioning Pfizer at the forefront of cancer treatment innovation

BMO Capital Markets analysts reiterated their “Outperform” recommendation on Pfizer Inc. (NYSE:PFE) shares. On May 2, the brokerage provided a price target of $36.00.

The investor letter for the first quarter of 2024 by investment management firm Parnassus Investments stated the following:

“During the quarter, we added new positions in Pfizer Inc. (NYSE:PFE), NICE, and Charter Communications. We purchased Pfizer to capture the potential upside from any turnaround following the COVID-induced boom-bust cycle of the last few years. Pfizer’s stock price sank by more than 40% in 2023 as COVID-19 vaccine revenues rolled off, providing an attractive entry point for us. The company completed its acquisition of Seagen, which should strengthen Pfizer’s pipeline in antibody-drug conjugates (ADC). Pfizer also offers an attractive dividend yield.”