8 Hot Growth Stocks To Buy According to Hedge Funds

6. Boston Scientific Corporation (NYSE:BSX)

Year-To-Date Gain as of November 6: 44.57%

Number of Hedge Fund Holders: 82

Boston Scientific Corporation (NYSE:BSX) is a global leader in medical device manufacturing, offering a wide range of products such as heart monitors, brain stimulation systems, catheters, and stents.

The company posted a strong 18% year-over-year organic growth in third-quarter results, exceeding market expectations. This strong performance contributed to a 26% annual increase in earnings per share. In response, the company raised its 2024 guidance, now expecting 15% organic sales growth by year-end. Additionally, Boston Scientific Corporation (NYSE:BSX) announced plans to acquire Axonics, reinforcing its commitment to boosting capacity and efficiency across key medical segments.

On October 21 TD Cowen expressed a positive outlook on Boston Scientific Corporation (NYSE:BSX), raising its price target from $86 to $100 and maintaining a Buy rating.

The company’s recent success is fueled by strong performance from key products like Farapulse, which is capturing market share from competing radiofrequency (RF) and cryoablation technologies.

Janus Henderson Enterprise Fund stated the following regarding Boston Scientific Corporation (NYSE:BSX) in its Q2 2024 investor letter:

“Medical device company Boston Scientific Corporation (NYSE:BSX) was another contributor. The stock rose on excitement over the company’s U.S. launch of FARAPULSE, a state-of-the-art pulsed field ablation system that treats atrial fibrillation with less damage to surrounding tissues relative to previous therapies. Boston Scientific is currently the only provider of this technology, which taps into a large and growing addressable market. Even beyond our excitement around FARAPULSE, we continue to like Boston Scientific for its diversified product portfolio, which has provided many potential drivers of revenue growth.”