In this article, we discuss the 5 hot healthcare stocks to buy now. If you want to read about some more hot healthcare stocks to buy now, go directly to 10 Hot Healthcare Stocks To Buy Now.
5. Sorrento Therapeutics, Inc. (NASDAQ:SRNE)
Number of Hedge Fund Holders: 10
YTD Perf: 167.99%
Avg Volume: 11M
Sorrento Therapeutics, Inc. (NASDAQ:SRNE) is a clinical-stage and commercial biopharmaceutical company that develops therapies for cancer, autoimmune, inflammatory, viral, and neurodegenerative diseases. On January 31, 2023, H.C. Wainwright analyst Raghuram Selvaraju maintained a Buy rating on Sorrento Therapeutics, Inc. (NASDAQ:SRNE) stock and lowered the price target to $13 from $20, noting that the lowered target takes into account the COVID-19 pandemic’s ongoing development.
At the end of the third quarter of 2022, 10 hedge funds in the database of Insider Monkey held stakes worth $13.9 million in Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), compared to 6 the preceding quarter worth $14.3 million.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm D E Shaw is a leading shareholder in Sorrento Therapeutics, Inc. (NASDAQ:SRNE) with 5.1 million shares worth more than $7.9 million.
4. Canopy Growth Corporation (NASDAQ:CGC)
Number of Hedge Fund Holders: 13
YTD Perf: 31.17%
Avg Volume: 13M
Canopy Growth Corporation (NASDAQ:CGC) engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. On January 3, Canopy Growth Corporation completed its previously announced deals with OEG Retail Cannabis and 420 Investments Ltd. This resulted in the company selling its retail operations in Canada, including the Tweed and Tokyo Smoke store franchises.
On November 7, 2022, Canaccord analyst Matt Bottomley maintained a Hold rating on Canopy Growth Corporation. (NASDAQ:CGC) stock and raised the price target to C$5 from C$4.25.
Among the hedge funds being tracked by Insider Monkey, Sydney-based investment firm Contrarius Investment Management is a leading shareholder in Canopy Growth Corporation (NASDAQ:CGC) with 19.7 million shares worth more than $53.9 million.
At the end of the third quarter of 2022, 13 hedge funds in the database of Insider Monkey held stakes worth $73 million in Canopy Growth Corporation (NASDAQ:CGC), compared to 10 in the previous quarter worth $21 million.
3. Tilray Brands, Inc. (NASDAQ:TLRY)
Number of Hedge Fund Holders: 16
YTD Perf: 20.45%
Avg Volume: 20.7M
Tilray Brands, Inc. (NASDAQ:TLRY) engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. On January 29, Tilray Brands, Inc. announced its financial results for the second quarter that ended on November 30, 2022. The firm appeared in robust financial standing with $433.5 million in cash and marketable securities. It also maintained the leadership position in Canada with 8.3% cannabis market share.
On January 10, 2023, MKM Partners analyst Bill Kirk maintained a Neutral rating on Tilray Brands, Inc. (NASDAQ:TLRY) stock and lowered the price target to $3 from $4.
At the end of the third quarter of 2022, 16 hedge funds in the database of Insider Monkey held stakes worth $33.6 million in Tilray Brands, Inc. (NASDAQ:TLRY), compared to 14 in the previous quarter worth $12.6 million.
Among the hedge funds being tracked by Insider Monkey, Greenwich, Connecticut-based investment firm Aristeia Capital is a leading shareholder in Tilray Brands, Inc. (NASDAQ:TLRY) with 23.6 million shares worth more than $23.3 million.
2. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)
Number of Hedge Fund Holders: 24
YTD Perf: 15.83%
Avg Volume: 23M
Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) develops platforms for cell programming. On January 18, the Ukraine Ministry of Health’s Public Health Center teamed up with Ginkgo Bioworks to run a pilot program for testing wastewater in Ukraine. The goal of the pilot program for monitoring pathogens in wastewater is to meet essential public health requirements and give early warning signs for outbreaks of infectious diseases.
On November 28, 2022, Berenberg analyst Gaurav Goparaju initiated coverage of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) stock with a Buy rating and a $6 price target.
At the end of the third quarter of 2022, 24 hedge funds in the database of Insider Monkey held stakes worth $956 million in Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), compared to 29 in the preceding quarter worth $575.8 million.
1. Cosmos Health Inc. (NASDAQ:COSM)
Number of Hedge Fund Holders: 1
YTD Perf: 42.32%
Avg Volume: 59.3M
Cosmos Health Inc. (NASDAQ:COSM) operates as a vertically integrated pharmaceutical company. On January 20, Cosmos Health, Inc. announced that it has expanded and revised its previously released non-binding proposal to purchase ZipDoctor Inc. from American International Holdings Corp.
At the end of the third quarter of 2022, 1 hedge fund in the database of Insider Monkey held stakes worth $4000 in Cosmos Health Inc. (NASDAQ:COSM).
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