5 Best Drug Stocks To Buy Now

3. AstraZeneca PLC (NASDAQ:AZN)

Number of Hedge Fund Holders: 45

AstraZeneca PLC (NASDAQ:AZN) is a UK-based biopharmaceutical company that manufactures and commercializes prescription medicines for oncology, immunology, and rare diseases. AstraZeneca PLC (NASDAQ:AZN)’s Q1 revenue of $11.39 billion outperformed consensus by $423.24 million. 

On May 24, ​​Danske Bank analyst Caroline Baner initiated coverage of AstraZeneca PLC (NASDAQ:AZN) with a Buy rating and a 13,100 GBp price target. The analyst sees “durable” growth drivers and visibility through 2030. AstraZeneca PLC (NASDAQ:AZN)’s medicines in oncology, rare diseases, and collaboration projects have U.S. exclusivity till 2030 and are notable sources of revenue, the analyst told investors.

Among the hedge funds tracked by Insider Monkey, 45 funds reported owning stakes in AstraZeneca PLC (NASDAQ:AZN) at the end of Q1 2022, up from 42 funds in the earlier quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with 20.8 million shares worth $1.3 billion.