12 Best Medical Stocks To Buy Under $20

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4. Elanco Animal Health Incorporated (NYSE:ELAN)

Share Price as of January 8: $11.55

Number of Hedge Fund Holders: 42

Elanco Animal Health Incorporated (NYSE:ELAN) is an American pharmaceutical and health company specializing in medicines and vaccinations for pets and livestock. The company is focused on improving animal health by developing innovative pharmaceuticals and health products to prevent and treat diseases in animals. ELAN ranks among the best medical stocks to buy under $20.

The company is strategically focused on streamlining its operations while also making progress with its innovative product pipelines. In July 2024, Elanco Animal Health Incorporated (NYSE:ELAN) completed the sale of its aqua business for approximately $1.3 billion. This transaction is aimed at simplifying the company’s business while improving its financial flexibility.

Elanco Animal Health Incorporated (NYSE:ELAN) has also recently received US FDA approvals for two significant products. Zenrelia is a JAK inhibitor for treating pruritus and atopic dermatitis in dogs and it was launched in late September 2024. Credelio Quattro is the first and only parasiticide for dogs to protect against fleas, ticks, heartworms, roundworms, hookworms and three different species of tapeworm, and is expected to launch in early 2025. These product launches are expected to contribute positively to Elanco Animal Health Incorporated’s (NYSE:ELAN) growth in the animal health market.

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