5 Best Medical Technology Stocks to Buy

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1. Thermo Fisher Scientific Inc. (NYSE:TMO)

Number of Hedge Fund Holders: 93  

Thermo Fisher Scientific Inc. (NYSE:TMO) offers life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and services worldwide. The firm features on the list of best medical technology stocks to invest in. On September 21, Thermo Fisher Scientific Inc. (NYSE:TMO) announced that it would be opening a new $160 million facility in Chelmsford. The facility would make biologic materials needed for the effective production of vaccines and therapies for the treatment of cancer and other diseases.

On August 24, Credit Suisse analyst Dan Leonard initiated coverage of Thermo Fisher Scientific Inc. (NYSE:TMO) stock with a Neutral rating and a $675 price target, highlighting the company’s performance due to diversity of services and profit sharing. 

At the end of the second quarter of 2022, 93 hedge funds in the database of Insider Monkey held stakes worth $7.8 billion in Thermo Fisher Scientific Inc. (NYSE:TMO), compared to 101 in the preceding quarter worth $7.97 billion. 

In its Q2 2022 investor letter, Stewart Asset Management, an asset management firm, highlighted a few stocks and Thermo Fisher Scientific Inc. (NYSE:TMO) was one of them. Here is what the fund said:

“Recently we initiated two new investments. One in Thermo Fisher Scientific (NYSE:TMO), a supplier to the life sciences industry. We have followed the company for many years and the recent downturn in share price gave us a good entry price at which to invest. Thermo has had strong earnings growth for many years and is led by a superb team. The company’s recent acquisitions make it a full-service supplier to the biopharma and biotech industries.”

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