5 Best Cancer Stocks to Buy Now

In this article, we discuss the 5 best cancer stocks. To read the detailed analysis of the oncology market, go directly to 10 Best Cancer Stocks to Buy Now.

5. Amgen Inc. (NASDAQ:AMGN)

Number of Hedge Fund holders: 55

Amgen Inc. (NASDAQ:AMGN) is a California-based biotechnology company. The company’s oncology drug in focus is Lumakras, which cuts lung cancer risk by 34%, according to the management. According to the Insider Monkey database, 55 hedge funds held stakes in Q2 2022. Two Sigma Advisors was the most prominent stakeholder of the company with over 1.66 million shares, worth $404.29 million.

On August 4, the company announced its plan to acquire ChemoCentryx (NASDAQ:CCXI) for $3.7 billion in cash. The news was responsible for a 109% surge in ChemoCentryx (NASDAQ:CCXI) stock.

Amgen Inc. (NASDAQ:AMGN) has increased its dividends for 10 consecutive years. As of September 28, the company has a dividend yield of 3.40%. The latest quarterly dividend of $1.94 was paid out on September 8 to the shareholders of record on August 18.

On August 5, Piper Sandler analyst Christopher Raymond reiterated a Buy rating on Amgen Inc. (NASDAQ:AMGN)’s shares and raised the price target to $265 from $260.

Here is what ClearBridge Investments had to say about Amgen, Inc.  in its Q3 2021 investor letter:

”In health care, Amgen, a biotechnology company, has endured several pipeline setbacks recently, including a slow transition of its Lumakras treatment into first-line lung cancer, a slower than expected development of its treatment for myeloma as well as the company’s asthma treatment Tezepelumab missing its primary endpoint in a Phase III study. We remain positive on the stock, with Amgen’s investments in biosimilars and its pipeline part of our long-term thesis.”