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5. AstraZeneca PLC (NYSE:AZN)
Number of Hedge Fund Holders: 52
AstraZeneca PLC (NYSE:AZN) is among the best cancer stocks on this list.
TheFly reported on May 6 that CDT Equity announced that AZD5904, a selective inhibitor of human myeloperoxidase originally licensed from AstraZeneca PLC (NYSE:AZN), has entered the Patent Cooperation Treaty stage, expanding its potential for international intellectual property protection. The compound has been evaluated across five Phase 1 clinical studies involving 181 participants, where it showed an acceptable safety profile with no clear drug-related adverse effects reported.
The company also highlighted supporting patent coverage, including composition-of-matter and method-of-use protections related to idiopathic male infertility, backed by preclinical findings. CDT is also exploring broader applications in oncology-associated infertility and is actively pursuing partnerships to advance further development and commercialization opportunities.
Separately, earlier on May 1, an FDA oncology advisory panel noted a positive benefit–risk assessment for AZN’s Truqap when used with abiraterone and androgen deprivation therapy for patients with PTEN-deficient metastatic hormone-sensitive prostate cancer, based on results from the CAPItello-281 Phase III study. The panel vote supported the evaluation, reflecting a strong consensus.
Trial data showed a reduction in disease progression or death risk and a meaningful extension in radiographic progression-free survival compared with standard therapy plus placebo. Additional secondary endpoints also favored the combination, including delayed resistance and fewer skeletal complications. Overall survival data remain immature as the study continues.
AstraZeneca PLC (NYSE:AZN) is a global biopharmaceutical company headquartered in Cambridge, focused on oncology. It develops a broad portfolio of cancer treatments targeting lung, breast, ovarian, and blood cancers, aiming to advance science-led therapies across multiple platforms.
4. IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Number of Hedge Fund Holders: 58
IDEXX Laboratories, Inc. (NASDAQ:IDXX) is one of the best cancer stocks.
TheFly reported on May 5 that IDXX saw its valuation outlook reduced as BofA Securities lowered its price target to $660 from $790 while maintaining a Neutral stance on the stock. The firm acknowledged that first-quarter results reflected solid operational performance despite difficult market conditions. However, it expressed uncertainty regarding the durability of broader macroeconomic trends and the pace of inVue system installations for the remainder of the year. The commentary also pointed to slightly weaker than expected placements in the first quarter and ongoing pressure from a challenging operating environment, which contributed to the revised outlook.
In addition to that, IDEXX Laboratories, Inc. (NASDAQ:IDXX) updated its fiscal 2026 outlook on the same day, raising expected reported revenue growth to 8.6%–10.6%. It also projected CAG Diagnostics recurring revenue growth of 9.6%–11.6% on a reported basis and 8.7%–10.7% organically, alongside overall organic revenue growth of 7.7%–9.7%. Consensus estimates for FY26 stand at about $4.68 billion in revenue and $14.51 in EPS, reflecting expectations tied to steady demand in its diagnostics business.
IDEXX Laboratories, Inc. (NASDAQ:IDXX) is a global leader in veterinary diagnostics based in Westbrook. It develops advanced cancer detection tests for animals, including blood-based screening that can help detect cancers like lymphoma early, often months before symptoms appear.
3. Gilead Sciences, Inc. (NASDAQ:GILD)
Number of Hedge Fund Holders: 71
Gilead Sciences, Inc. (NASDAQ:GILD) is among the best cancer stocks to invest in.
TheFly reported on May 7 that GILD revised its fiscal 2026 outlook, now expecting adjusted earnings per share between a loss of $1.05 and a loss of $0.65, compared with prior guidance of $8.45 to $8.85 and below consensus estimates of $8.65. The updated forecast reflects a substantial downward adjustment driven by roughly $11.5 billion in acquired in-process research and development charges, along with financing costs tied to recent transactions involving Arcellx, Ouro Medicines, and Tubulis. Management indicated that these factors significantly impacted both GAAP and non-GAAP earnings expectations for the year.
Separately, on April 29, in a pivotal regulatory development, Gilead Sciences, Inc. (NASDAQ:GILD) announced that the U.S. Food and Drug Administration had formally accepted its New Drug Application for a once-daily single-tablet regimen combining bictegravir 75 mg and lenacapavir 50 mg.
The investigational therapy is intended for adults living with HIV who are already virologically suppressed. The agency has also granted the application priority review status and set a target action date of August 27, 2026, under the Prescription Drug User Fee Act timeline. This designation shortens the review period and signals potential regulatory importance for the proposed combination treatment.
Gilead Sciences, Inc. (NASDAQ:GILD) is a biopharmaceutical company based in Foster City that has expanded from antivirals into oncology. Through acquisitions like Kite Pharma and Immunomedics, it focuses on CAR-T cell therapies and antibody drug conjugates to treat blood and breast cancers.
2. Johnson & Johnson (NYSE:JNJ)
Number of Hedge Fund Holders: 104
Johnson & Johnson (NYSE:JNJ) is among the best cancer stocks.
TheFly reported on May 5 that JNJ released Phase 3 FUZION study results evaluating TREMFYA in adults with active perianal fistulizing Crohn’s disease. At 24 weeks, the therapy showed statistically meaningful improvements over placebo in combined fistula remission, a strict endpoint requiring full closure of external fistulas and no fluid collection on MRI. Both dosing regimens demonstrated higher remission rates compared with placebo. The findings are notable given the difficulty of treating this severe disease manifestation and represent the first randomized controlled trial in two decades to show clear efficacy in this patient population. Safety remained consistent with prior data.
In a simultaneous announcement on May 5, Johnson & Johnson (NYSE:JNJ) reported Phase 2b findings from the DUET-UC and DUET-CD trials evaluating JNJ-4804, an investigational dual-target co-antibody therapy designed to inhibit interleukin-23 and tumor necrosis factor-alpha. The studies enrolled patients with moderately to severely active ulcerative colitis or Crohn’s disease who had limited response to multiple prior systemic treatments.
At Week 48, the therapy demonstrated improvements across key clinical and endoscopic endpoints in a difficult-to-treat, highly refractory patient subgroup. These results were presented as part of the company’s late-breaking data at Digestive Disease Week 2026.
Johnson & Johnson (NYSE:JNJ) is a global healthcare company based in New Brunswick with a strong focus on oncology. It develops treatments for blood cancers and solid tumors, and its cancer drug business is driving strong growth.
1. Eli Lilly and Company (NYSE:LLY)
Number of Hedge Fund Holders: 137
Eli Lilly and Company (NYSE:LLY) is one of the best cancer stocks.
TheFly reported on May 5 that Barclays increased its valuation outlook for LLY, raising the price target to $1,400 from $1,350 while maintaining an Overweight rating. The adjustment followed the company’s first-quarter earnings update, which led to higher estimates. The firm highlighted that strong ongoing demand for tirzepatide is reinforcing investor attention on the company’s broader long-term growth narrative, shifting focus back to its core pipeline strength and market positioning after the recent results.
In a separate development, on May 6, Eli Lilly and Company (NYSE:LLY) announced an additional $4.5 billion investment across two of its manufacturing sites in Lebanon, Indiana, expanding its long-term capital commitment in the state to more than $21 billion since 2020. The decision was driven by expected growth in demand for its medicines and continued expansion of its pipeline.
The funding will support advanced production capabilities, including updated manufacturing technologies at its active pharmaceutical ingredient facility and the development of its dedicated genetic medicine production site. This expansion reflects the company’s ongoing efforts to strengthen its U.S.-based manufacturing and support future therapeutic development.
Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company based in Indianapolis that is expanding its oncology portfolio. Alongside its strong diabetes and obesity business, it is growing in precision cancer therapies for breast, lung, and blood cancers through strategic acquisitions and development programs.
While we acknowledge the potential of LLY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LLY and that has 100x upside potential, check out our report about the cheapest AI stock.
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