11 Best Medical Device Stocks to Buy Now

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3. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 98

Johnson & Johnson (NYSE:JNJ) develops, manufactures, and sells products in the healthcare field. The company operates through two segments: Innovative Medicine and MedTech. The MedTech segment includes an elaborate range of medical devices and products used in cardiovascular intervention, orthopedics, interventional solutions, surgery, and vision fields.

On May 1, Leerink Partners analyst David Risinger maintained their bullish stance on the stock, giving it a Buy rating due to the promising developments in its TAR-200 platform for bladder cancer treatment. The SunRISE-1 Cohort 4 study reported strong data, which highlights the significant potential of TAR-200 to be taken up as a preferred treatment option. It could even replace more invasive procedures like radical cystectomy, and it also has a favorable safety profile.

Since many bladder cancer patients fall in the non-muscle invasive category, the significant market opportunity further supports Johnson & Johnson’s (NYSE:JNJ) positive outlook. Management estimates peak sales for the TARIS platform to surpass $5 billion, suggesting strong revenue potential.

Johnson & Johnson (NYSE:JNJ) also plans to seek strategic approval in 2026, which further justifies the stock’s buy rating.

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