5 Best Medical Stocks Under $10

2. SOC Telemed, Inc. (NASDAQ: TLMD)

Number of Hedge Fund Holders: 12
Stock Price as of July 23rd: $4.76

SOC Telemed, Inc. (NASDAQ: TLMD) ranks 2nd on the list of 10 best medicine stocks under $10. The Virginia-based medical company provides telemedicine technology and services to hospitals, government institutions, and other healthcare groups. SOC Telemed, Inc. (NASDAQ: TLMD) offers various telehealth services in the fields of cardiology, neurology, pulmonology, psychiatry, and critical care.

On May 28th, Baird analyst Vikram Kesavabhotla maintained an Outperform rating on SOC Telemed, Inc. (NASDAQ: TLMD) and increased the price target to $8 per share from $7.50 previously. According to the analyst, SOC Telemed, Inc. (NASDAQ: TLMD) is ahead of its peers in the telehealth sector because it is exposed to the high-growth industry of critical care. The stock has gained 6.3% in the last five days.

The company has a market cap of $475 million. The company’s first-quarter revenue was consistent with $14.8 million in the same period in 2020. SOC Telemed, Inc. (NASDAQ: TLMD) had $32.5 million of cash at the end of the first quarter, up from $5 million in the same quarter in 2020. 

By the end of the first quarter of 2021, 12 hedge funds out of the 866 tracked by Insider Monkey held stakes in SOC Telemed, Inc. (NASDAQ: TLMD), worth roughly $54 million. This is compared to 13 hedge funds in the previous quarter with stakes worth approximately $88 million.