5 Best Healthcare Stocks For Recession

3. Biogen Inc. (NASDAQ:BIIB)

Number of Hedge Fund Holders: 70

Biogen Inc. (NASDAQ:BIIB) is one of the notable healthcare stocks that might be a strong pick for recessions since Biogen Inc. (NASDAQ:BIIB) has growth potential and several catalysts that can boost its value. Biogen Inc. (NASDAQ:BIIB) is currently in the news after the FDA earlier this month granted accelerated approval to Biogen (NASDAQ:BIIB) and Eisai’s (OTCPK:ESALY) drug that is made for the treatment of Alzheimer’s disease.

The drug, named Leqembi (lecanemab), is expected to be available later this month and its wholesale cost will be about $26,500 per year based on twice monthly infusions. However, analysts are in a wait-and-see mode regarding the drug since Biogen Inc. (NASDAQ:BIIB) has a history of getting approval for a similar treatment in the past which failed to show strong results.

Hedge funds are buying stakes in Biogen Inc. (NASDAQ:BIIB). As of the end of the third quarter, 70 hedge funds reported having stakes in Biogen Inc. (NASDAQ:BIIB), compared to 54 funds in the previous quarter. The biggest stakeholder of Biogen Inc. (NASDAQ:BIIB) during this period was Steve Cohen’s Point72 Asset Management $448 million.

ClearBridge Investments made the following comment about Biogen Inc. (NASDAQ:BIIB) in its Q3 2022 investor letter:

“Biogen Inc. (NASDAQ:BIIB) was the leading contributor among several biopharma names, boosted by positive, pivotal clinical data for its next-generation Alzheimer’s treatment Lecanemab. In a pivotal trial, the drug proved safe and efficacious in slowing progression of Alzheimer’s disease.”