11 Most Promising Cancer Stocks According to Analysts

Published on February 28, 2023 at 11:54 am by Hamna Asim in Hedge Funds, News

In this article, we discuss 11 most promising cancer stocks according to analysts. If you want to see more stocks in this selection, check out 5 Most Promising Cancer Stocks According to Analysts.

The market for community oncology services worldwide is projected to experience substantial growth, with an estimated increase from $47.95 billion in 2022 to $53.79 billion in 2023, indicating a compound annual growth rate of 12.2%. This market is predicted to continue expanding and reach $81.33 billion in 2027, with a CAGR of 10.9%. The community oncology services market includes entities that offer diagnostic, curative, and preventive treatment services, and North America is presently the largest region in this market. Western Europe is the second-largest region in the community oncology services market.

Novartis and Roche, among other pharmaceutical firms, have collaborated with international cancer organizations to form an alliance with the goal of providing more cancer medicines to underprivileged nations. Presently, low- and middle-income countries have access to less than 50% of the cancer medications listed as essential by the World Health Organization (WHO), and the burden of cancer in these regions is on the rise. Without intervention, nearly 75% of cancer fatalities will take place in these regions over the next ten years.

Players in the oncology sector are thriving. In November 2022, AstraZeneca PLC (NASDAQ:AZN)’s quarterly earnings and revenue exceeded expectations, thanks to strong sales of its significant cancer drugs, prompting the company to raise its full-year earnings forecast and boosting its shares to a 2.5-month high. Despite the prolonged COVID lockdowns, AstraZeneca PLC (NASDAQ:AZN) managed to expand its business in China and decided not to pursue US authorization for its COVID-19 vaccine. The quarterly revenue surpassed expectations, largely due to better-than-anticipated sales of AstraZeneca PLC (NASDAQ:AZN)’s cancer medications such as Tagrisso, Imfinzi, and Enhertu. The broader oncology portfolio also saw a 24% increase in sales. As China accounted for around 16% of AstraZeneca PLC (NASDAQ:AZN)’s total revenue last year, the company is viewed as a barometer for the pharmaceutical sector in China.

On February 3, 2023, Gilead Sciences, Inc. (NASDAQ:GILD) announced that the US Food and Drug Administration (FDA) has authorized the use of Trodelvy for a third indication, thereby providing additional treatment options for individuals suffering from the most prevalent form of breast cancer. The medication has been approved for patients with an advanced form of breast cancer, which includes a subtype called HR-positive/HER2-negative, who have ceased responding to hormone-based treatment and at least two prior systemic therapies.

Some of the most promising cancer stocks according to analysts include Moderna, Inc. (NASDAQ:MRNA), BeiGene, Ltd. (NASDAQ:BGNE), and AstraZeneca PLC (NASDAQ:AZN).

Our Methodology

To determine the most promising cancer stocks, we narrowed down our selection to oncology stocks that had the highest upside potential based on average analyst price targets. We have ranked our picks in ascending order of their average upside potential, as of February 27.

Most Promising Cancer Stocks According to Analysts

11. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 69

Average Price Target Based on Analyst Ratings: 15.52%

Bristol-Myers Squibb Company (NYSE:BMY) is a New York-based company that discovers, develops, markets, and sells biopharmaceutical products worldwide. It offers therapeutic products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. On February 2, Bristol-Myers Squibb Company (NYSE:BMY) reported a Q4 non-GAAP EPS of $1.82 and a revenue of $11.4 billion, outperforming Wall Street estimates by $0.09 and $200 million, respectively.

On January 17, Cantor Fitzgerald analyst Olivia Brayer initiated coverage of Bristol-Myers Squibb Company (NYSE:BMY) with an Overweight rating and a $95 price target. The analyst believes that the current situation for the stock is the most favorable since the Celgene deal of 2019. Additionally, the analyst thinks that Bristol-Myers Squibb Company (NYSE:BMY) has one of the strongest growth profiles of all U.S. Pharma companies for the year 2023, particularly given the current economic recession. Brayer also expects the stock to perform well in the first half of 2023 due to the company’s maturing new product cycle, which could lead to an increase in the stock’s value.

According to Insider Monkey’s Q4 data, 69 hedge funds were long Bristol-Myers Squibb Company (NYSE:BMY), compared to 68 funds in the prior quarter. Richard S. Pzena’s Pzena Investment Management is the biggest stakeholder of the company, with 3.86 million shares worth $277.7 million.

Like Moderna, Inc. (NASDAQ:MRNA), BeiGene, Ltd. (NASDAQ:BGNE), and AstraZeneca PLC (NASDAQ:AZN), Bristol-Myers Squibb Company (NYSE:BMY) is one of the most promising cancer stocks to monitor.

RGA Investment Advisors made the following comment about Bristol-Myers Squibb Company (NYSE:BMY) in its Q3 2022 investor letter:

“Bristol-Myers Squibb Company (NYSE:BMY), which we referenced above, boasts a double digit free cash flow yield that gets divided roughly equally between repurchases, a dividend and M&A in what is the best environment for acquisitions perhaps ever. In 2019, BMY acquired Celgene, who had one of the better corporate development programs in the industry. We view this as a great outlet for us as generalists considering a company like BMY should truly thrive with the ability to acquire outstanding assets and science at depressed valuations. We touched on the Turning Point acquisition above and we expect the company to be increasingly active in the M&A landscape. Importantly, Celgene also came to BMY with a phenomenal CAR-T platform. CAR-T is a cell therapy that activates the body’s immune system to target cancers. This will be a key growth vector alongside M&A in overcoming the company’s patent cliff.”

10. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 84

Average Price Target Based on Analyst Ratings: 21.08%

Johnson & Johnson (NYSE:JNJ) is an American multinational healthcare company and its Pharmaceutical segment provides products for rheumatoid arthritis, psoriatic arthritis, inflammatory bowel disease, psoriasis, HIV/AIDS, mood disorders, neurodegenerative disorders, schizophrenia, prostate cancer, hematologic malignancies, lung cancer, bladder cancer, thrombosis, diabetes, macular degeneration, and pulmonary arterial hypertension. Johnson & Johnson (NYSE:JNJ) is one of the most promising cancer stocks to invest in. On January 31, Wells Fargo analyst Larry Biegelsen maintained an Overweight rating on Johnson & Johnson (NYSE:JNJ) with a $195 price target.

On January 24, Johnson & Johnson (NYSE:JNJ) reported Q4 non-GAAP earnings per share of $2.35, beating market estimates by $0.11. In Q4 2022, worldwide sales of blood cancer drug DARZALEX, developed with Genmab, grew 26.6 year-over-year to nearly $2.08 billion. For the full year 2022, DARZALEX sales were $7.98 billion. J&J expects FY2023 adjusted EPS outlook to be between $10.45 and $10.65, while the consensus for 2023 is $10.33. The company anticipates full year 2023 operational sales to be between $96.9 billion and $97.9 billion, versus a consensus of $97.73 billion.

According to Insider Monkey’s Q4 data, 84 hedge funds were bullish on Johnson & Johnson (NYSE:JNJ), compared to 85 funds in the last quarter. Ray Dalio’s Bridgewater Associates is the largest stakeholder of the company, with 3.5 million shares worth $630.2 million.

In its Q2 2022 investor letter, Mayar Capital, an asset management firm, highlighted a few stocks and Johnson & Johnson (NYSE:JNJ) was one of them. Here is what the fund said:

“Johnson & Johnson (NYSE:JNJ) is currently our largest position and a long-standing holding. The majority of the group’s sales comes from its collection of pharmaceutical franchises, but a large majority (~45%) comes from its collection of medical device businesses and its consumer brands.

Here’s how JNJ makes and spends a dollar of revenues: As of 2021, about 55 cents of that dollar comes from its pharmaceutical sales – sales of drugs to pharmacies and distributors – while 30 cents come from the sale of medical devices, such as surgery equipment and orthopedics. The rest of that dollar in sales comes from sales of JNJ’s consumer brands such as Listerine mouthwash, Nicorette nicotine tablets and Neutrogena cosmetics (…read more)

9. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 75

Average Price Target Based on Analyst Ratings: 21.97%

Pfizer Inc. (NYSE:PFE) is a New York-based company that develops, manufactures, markets, and distributes biopharmaceutical products worldwide. Pfizer Inc. (NYSE:PFE) has a strong industry-leading oncology portfolio with more than 20 approved medications and ongoing clinical trials. Pfizer’s request for approval of elranatamab as a treatment for patients with relapsed or refractory multiple myeloma was given priority review by the U.S. Food and Drug Administration on February 22. The FDA has accepted Pfizer’s biologics license application, and a decision is anticipated in 2023. Pfizer also announced that the European Medicines Agency has accepted elranatamab’s marketing authorization application. It is one of the most promising cancer stocks according to analysts.

On February 1, Barclays analyst Carter Gould maintained an Equal Weight rating on Pfizer Inc. (NYSE:PFE) and trimmed the firm’s price target on the shares to $44 from $49 following the Q4 results. The analyst lowered the predicted COVID-19 sales for 2023 and believes that the potential risk remains mostly to the downside, as the public health emergency nears its conclusion. Barclays views the current situation as challenging, as it is difficult to estimate the rise in demand against the current levels.

According to Insider Monkey’s Q4 data, 75 hedge funds were bullish on Pfizer Inc. (NYSE:PFE), compared to 77 funds in the prior quarter. Cliff Asness’ AQR Capital Management is a prominent stakeholder of the company, with 9.8 million shares worth $502.7 million.

Diamond Hill Capital made the following comment about Pfizer Inc. (NYSE:PFE) in its Q3 2022 investor letter:

“Also among our bottom contributors were health care products manufacturer Abbott Labs, global pharmaceutical company Pfizer Inc. (NYSE:PFE), media and technology giant Alphabet, and insurance company American International Group (AIG). Although Pfizer continues to report strong performance of its core drugs, sales of its COVID vaccine and treatment have likely peaked and sales are expected to decline going forward. We remain optimistic about the company long term as we believe management is taking the company in the right direction, focusing R&D, and making strategic acquisitions with profits generated from COVID vaccine sales.”

8. Illumina, Inc. (NASDAQ:ILMN)

Number of Hedge Fund Holders: 44

Average Price Target Based on Analyst Ratings: 24.03%

Illumina, Inc. (NASDAQ:ILMN) is a California-based company that develops and commercializes life science tools and integrated systems for large-scale analysis of genetic variation and function. In addition to whole-genome sequencing kits, targeted resequencing kits, and genotyping, the company offers Galleri, a multi-cancer early detection test. For fiscal year 2023, Illumina, Inc. (NASDAQ:ILMN) expects revenue to grow 7% to 10% compared to fiscal year 2022, GAAP diluted earnings per share of $0.03 to $0.28, and non-GAAP diluted earnings per share of $1.25 to $1.50.

On February 14, UBS analyst John Sourbeer maintained a Neutral rating on Illumina, Inc. (NASDAQ:ILMN) and lowered the firm’s price target on the shares to $240 from $255. The analyst noted that Illumina, Inc. (NASDAQ:ILMN)’s Q4 performance was mixed, with consolidated revenue approximately in line with the preannouncement. However, the company’s earnings per share fell short of the consensus estimate by 46.2%. While Illumina, Inc. (NASDAQ:ILMN) maintained its 2023 guidance, UBS noted that its initial guidance was lower than what was expected by the Street.

According to Insider Monkey’s fourth quarter database, 44 hedge funds were bullish on Illumina, Inc. (NASDAQ:ILMN), compared to 49 funds in the last quarter. Select Equity Group is the largest stakeholder of the company, with 1.9 million shares worth $386.75 million.

Ensemble Capital made the following comment about Illumina, Inc. (NASDAQ:ILMN) in its 2022 annual investor letter:

“Illumina, Inc. (NASDAQ:ILMN) (5.17% weight in the Fund): Illumina’s stock price declined 44.87% during the Fund’s fiscal year, detracting 2.01% from relative performance vs the S&P 500. In addition to extraordinary strength in the US dollar detracting from growth in their significant foreign revenue, as well as COVID lockdowns limiting sales in China, the company’s already closed acquisition of the cancer test maker GRAIL was thwarted by European Union After paying approximately $8 billion to acquire GRAIL despite EU regulator’s warning that the deal may violate antitrust rules, Illumina will likely need to divest their ownership of the company taking a loss of nearly $4 billion as estimated by the company.”

7. Sanofi (NASDAQ:SNY)

Number of Hedge Fund Holders: 34

Average Price Target Based on Analyst Ratings: 35.50%

Sanofi (NASDAQ:SNY) is a French company that engages in the research, development, manufacture, and marketing of therapeutic solutions in the United States, Europe, and internationally. On February 3, Sanofi (NASDAQ:SNY)’s board proposed an annual dividend of €3.56 per share, an increase of 6.9% from prior dividend. It is one of the most promising cancer stocks to invest in.

On January 31, Berenberg analyst Luisa Hector raised the firm’s price target on Sanofi (NASDAQ:SNY) to EUR 100 from EUR 91 and kept a Hold rating on the shares.

According to Insider Monkey’s fourth quarter database, 34 hedge funds were bullish on Sanofi (NASDAQ:SNY), compared to 31 funds in the prior quarter. Phill Gross and Robert Atchinson’s Adage Capital Management is the largest stakeholder of the company, with nearly 2.6 million shares worth $125.8 million.

ClearBridge Investments made the following comment about Sanofi (NASDAQ:SNY) in its Q3 2022 investor letter:

“Health care proved to be the most challenging sector to navigate during the quarter, as several companies were subjected to elevated risk aversion due to possible litigation implications. Two of our top five largest individual detractors for the period were in the health care sector: Sanofi (NASDAQ:SNY) and Bayer (OTCPK:BAYZF). Sanofi, a French pharmaceutical and health care company, saw its share price fall after it was named as a co-defendant in a class action lawsuit alleging that Sanofi and other sellers of the heartburn medication Zantac failed to warn of the drug’s risk of containing a possible carcinogen.”

6. Jazz Pharmaceuticals plc (NASDAQ:JAZZ)

Number of Hedge Fund Holders: 38

Average Price Target Based on Analyst Ratings: 44.95%

Jazz Pharmaceuticals plc (NASDAQ:JAZZ) is a biopharmaceutical company that develops and commercializes pharmaceutical products in the areas of neuroscience, movement disorders, oncology, and hematologic and solid tumors.

On December 8, Madhu Kumar, an analyst at Goldman Sachs, upgraded Jazz Pharmaceuticals plc (NASDAQ:JAZZ) from Neutral to Buy but lowered the price target from $192 to $190. The analyst noted that the operating margin performance of the company will be positive, and there are multiple potential growth opportunities such as increased demand and expanding Rylaze outside of the United States. Additionally, there is potential for the acceleration of the launch of Xywav for idiopathic hypersomnia and for the ex-U.S. launch of Epidiolex. Kumar observed that Rylaze, an asparaginase drug, has exhibited strong growth and has the potential to expand into Japan and the E.U. Furthermore, while the growth rate of active patients in narcolepsy has slowed, the analyst remains optimistic about the launch of Xywav in idiopathic hypersomnia due to the potential increase in diagnoses.

According to Insider Monkey’s data, 38 hedge funds were long Jazz Pharmaceuticals plc (NASDAQ:JAZZ) at the end of Q4 2022, compared to 43 funds in the prior quarter. Bernard Horn’s Polaris Capital Management is the biggest stakeholder of the company, with 1.25 million shares worth nearly $200 million.

Like Moderna, Inc. (NASDAQ:MRNA), BeiGene, Ltd. (NASDAQ:BGNE), and AstraZeneca PLC (NASDAQ:AZN), smart investors are piling into Jazz Pharmaceuticals plc (NASDAQ:JAZZ) for exposure to the oncology market.

Click to continue reading and see 5 Most Promising Cancer Stocks According to Analysts.

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