(C) Reuters. 3 Healthcare Stocks Breaking Out to New 52-Week Highs
The heightened demand for medical equipment and services has skyrocketed the share prices of companies in the healthcare sector over the past few months. Cases in point are shares of AbbVie (ABBV), Novo Nordisk (NYSE:NVO), and Bristol-Myers (BMY), which have been hitting their new 52-week highs and are well positioned to keep soaring given the companies’ fundamental strength and the industry tailwinds. So, let’s evaluate these companies more closely.From drugstores to biotech companies, the entire healthcare sector has strived to fight the COVID-19 public health crisis. Government policy support for this industry has helped shares of many healthcare companies deliver significant returns. The Vanguard Health Care Index Fund ETFs (VHT) 18% returns over the past six months is reflective of investors’ interest in the healthcare space.
Along with continuing efforts to find a cure for COVID-19, most pharmaceutical companies have been continuing their R&D projects and clinical trials for the treatment of other critical diseases. The global pharmaceuticals market is expected to grow at a 7% CAGR over the next seven years to reach $2.15 trillion by 2027.
AbbVie Inc . (NYSE:ABBV), Novo Nordisk A/S (NVO), and Bristol-Myers Squibb Company (NYSE:BMY) have recently hit their 52-week stock price highs thanks to their impressive R&D projects and viable drug portfolios. As such, we think these stocks are solid additions to one’s portfolio now.
3 Healthcare Stocks Breaking Out to New 52-Week Highs
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