5 Most Promising Cancer Stocks According to Analysts

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1. AstraZeneca PLC (NASDAQ:AZN)

Number of Hedge Fund Holders: 42

Average Price Target Based on Analyst Ratings: 104.65%

AstraZeneca PLC (NASDAQ:AZN) is a biopharmaceutical company, focused on the discovery, development, and distribution of prescription medicines. The company’s marketed products include Calquence, Enhertu, Faslodex, Imfinzi, Iressa, Koselugo, Lumoxiti, Lynparza, Orpathys, Tagrisso, and Zoladex for oncology. It is one of the most promising cancer stocks according to analysts. AstraZeneca PLC (NASDAQ:AZN) expects FY 2023 total revenue to increase by a low-to-mid single-digit percentage. 

On February 21, UBS analyst Michael Leuchten raised the firm’s price target on AstraZeneca PLC (NASDAQ:AZN) to 11,900 GBp from 10,100 GBp and reiterated a Neutral rating on the shares.

According to Insider Monkey’s Q4 data, 42 hedge funds were bullish on AstraZeneca PLC (NASDAQ:AZN)AstraZeneca PLC (NASDAQ:AZN), compared to 44 funds in the preceding quarter. Rajiv Jain’s GQG Partners is the largest stakeholder of the company, with more than 17 million shares worth $1.16 billion. 

Baron Funds made the following comment about AstraZeneca PLC (NASDAQ:AZN) in its Q4 2022 investor letter:

“Favorable stock selection in pharmaceuticals, owing mostly to the outperformance of AstraZeneca PLC (NASDAQ:AZN). AstraZeneca was the third largest contributor after benefiting from incremental positive news flow surrounding the company’s oncology franchise at medical meetings

AstraZeneca PLC is a global pharmaceutical company focused on oncology, respiratory, cardiovascular, and metabolism drugs. Shares increased given incremental positive news flow surrounding the oncology franchise at medical meetings and some mean reversion after lagging in the prior quarter. We retain conviction in AstraZeneca given its best-in-class growth profile among its pharmaceutical peers combined with its strong pipeline and commercial launch characteristics. We highlight Enhertu and Dato-Dxd as two new exciting near-term drug opportunities.”

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