10 Most Promising Cancer Stocks According to Hedge Funds

4. AstraZeneca PLC (NASDAQ:AZN)

Average Analyst Upside: 45.76%

Number of Hedge Fund Holders: 42

AstraZeneca PLC (NASDAQ:AZN), a global biopharmaceutical company known for its prescription medicines, became widely recognized during the COVID-19 pandemic for its vaccine efforts. The company is also a leader in oncology, with key products like Tagrisso for lung cancer, Farxiga for diabetes and heart failure, and Imfinzi for various cancers.

Following stronger-than-expected Q3 results, AstraZeneca PLC (NASDAQ:AZN) raised its 2024 sales and profit forecasts, driven by robust demand across its product portfolio and expected sales milestones for its cancer treatments. Q3 product sales exceeded forecasts by 4%, with EPS rising 2% above expectations, despite anticipated R&D cost increases. Key contributors included Symbicort, which surpassed sales expectations by 20%, and Tagrisso, which outperformed by 3%. These gains were offset by slight shortfalls in Imfinzi, Imjudo, and Enhertu, which collectively underperformed by 2%.

On November 6, TD Cowen reaffirmed its Buy rating on AstraZeneca PLC (NASDAQ:AZN) with a price target of $95.00. The firm noted AstraZeneca’s ongoing investigation involving some employees in China, comparing it to a past investigation of market competitor GSK. AstraZeneca’s larger operational scale in China could imply different stakes, but the firm suggests that AstraZeneca may manage the situation with limited long-term impact on its Chinese business.