5 Best Cancer Stocks To Buy Now

3. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 74

Ranked third on our list of the best cancer stocks, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company engaged in the research, development, manufacturing, and distribution of pharmaceuticals. Its product portfolio includes Imbruvica, used in the treatment of blood cancers in adults; Venclexta/Venclyxto for the management of hematological malignancies; and Lupron, utilized in the treatment of advanced prostate cancer, endometriosis, central precocious puberty, as well as other pharmaceutical products for different medical conditions. On September 8, AbbVie Inc. (NYSE:ABBV) declared a $1.48 per share quarterly dividend, in-line with previous. It is to be paid on November 15 to shareholders of record as of October 13.

According to Insider Monkey’s second quarter database, 74 hedge funds were bullish on AbbVie Inc. (NYSE:ABBV), compared to 75 in the preceding quarter. Ken Griffin’s Citadel Investment Group is a significant position holder in the company, with over 1.9 million shares worth $260.17 million.

Diamond Hill Large Cap Strategy made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q2 2023 investor letter:

“Also among our bottom contributors were AbbVie and Truist Financial Corp. Pharmaceutical company AbbVie Inc. (NYSE:ABBV)’s stock declined in the quarter due to biosimilar competition against its largest drug, Humira. We believe management is successfully navigating biosimilars, as this has been a known generic entry for years. We still believe the company has attractive long-term prospects despite this near-term headwind.”