10 Best Cancer Stocks To Buy Now

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1. Johnson & Johnson (NYSE:JNJ)

Hedge Fund Holdings: 80 

Johnson & Johnson (NYSE:JNJ) is a global healthcare conglomerate with two main segments: Innovative Medicine and MedTech. It develops and sells pharmaceuticals, medical devices, and consumer health products to healthcare professionals, hospitals, and consumers worldwide. J&J is particularly strong in oncology, with its cancer drug portfolio driving significant growth. In Q2 2024, J&J’s global oncology sales increased by 16% to $5.09 billion, due to the success of treatments like Darzalex for multiple myeloma and Erleada for prostate cancer.

In Q2 2024, Johnson & Johnson (NYSE:JNJ)’s oncology division drove significant growth, with global sales rising 16% to $5.09 billion, thanks to the strong performance of treatments like Darzalex for multiple myeloma and Erleada for prostate cancer. A major catalyst for future growth is J&J’s $2.0 billion acquisition of Ambrx Biopharma, Inc., announced in January 2024. This acquisition enhances J&J’s portfolio with next-generation antibody-drug conjugates (ADCs), including ARX517 for metastatic prostate cancer, ARX788 for HER2+ breast cancer, and ARX305 for renal cell carcinoma.

As of Q2 2024, 80 hedge funds held stakes in the stock and also held a Moderate Buy rating based on 14 Wall Street analysts. The average price target is $172.46, with a high of $215.00 and a low of $150.00, representing a 5.01% increase from the last price of $164.23.

While we acknowledge the potential of cancer stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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