8 Most Promising Healthcare Stocks According to Hedge Funds

5. Abbvie Inc (NYSE:ABBV)

Number of Hedge Fund Holders: 68

AbbVie Inc. (NYSE:ABBV) is a global biopharmaceutical company that develops and markets advanced therapies for complex and chronic conditions. The company’s primary focus is on immunology, oncology, neuroscience, and virology. AbbVie’s flagship product, Humira, has been a cornerstone of its success, used to treat various autoimmune diseases such as rheumatoid arthritis and Crohn’s disease.

Over the next three years, AbbVie Inc. (NYSE:ABBV) is expected to see mid-single-digit sales growth because of the company’s low patent losses. Furthermore, the $10 billion purchase of ImmunoGen, which expanded its oncology portfolio to include the antibody-drug combination Elahere, is projected to make a substantial contribution; Barclays predicts that revenues will surpass $2 billion by the end of the decade.

The global revenues of AbbVie Inc. (NYSE:ABBV) in Q2 2024 were $14.462 billion, a reported 4.3% increase and a 5.6% operational growth from the same period last year, beating Wall Street’s forecasts by 3.1%. Its immunology business was a major contributor to the expansion, as sales of Skyrizi increased by almost 45% to $2.7 billion and Rinvoq by nearly 56% to $1.4 billion. Additionally, global sales of the oncology portfolio increased by 10.5% to $1.6 billion. Unfortunately, the competition from biosimilars caused Humira sales to drop 29.8% to $2.8 billion, somewhat offsetting this rise.

As of Q3 2024, from the total hedge funds tracked by Insider Monkey, 68 hedge funds held stakes in the company with Citadel Investment Group being the largest stakeholder with stakes valued at over $487.2 million.