In this article, we will take a look at the 5 best medical stocks to buy under $10. To read our analysis of the latest trends, and market activity, you can go to the 12 Best Medical Stocks to Buy Under $10.
5. Bausch Health Companies (NYSE:BHC)
Share Price as of February 21: $8.65
Number of Hedge Fund Holders: 31
Laval, Canada-based Bausch Health Companies (NYSE:BHC) is a global diversified pharmaceutical company that develops, manufactures, and markets a range of products primarily in gastroenterology, hepatology, neurology, dermatology, and international pharmaceuticals.
On February 22, Bausch Health Companies (NYSE:BHC) released its financial results for Q4 2023. It generated total revenues of $2.4 billion and a net loss of $39 million. At $1.17, the normalized EPS exceeded consensus estimates by $0.15.
As of Q4 2023, Bausch Health Companies (NYSE:BHC) shares were owned by 31 leading hedge funds with the total shares held by them valued at $1.1 billion. It ranks highest on our list of 12 best medical stocks to buy under $10 based on its market capitalization.
4. bluebird bio, Inc. (NASDAQ:BLUE)
Share Price as of February 21: $1.09
Number of Hedge Fund Holders: 32
Somerville, Massachusetts-based bluebird bio, Inc. (NASDAQ:BLUE) is a biotechnology company that develops gene therapies for severe genetic disorders. It has secured FDA approvals for three therapies targeting sickle cell disease, β-thalassemia and cerebral adrenoleukodystrophy.
In December, bluebird bio, Inc. (NASDAQ:BLUE) raised gross proceeds of nearly $125 million through a public offering of its common shares at a share price of $1.50 per share. Its intends to use the net proceeds of the offering (i) to support commercialization and manufacturing for its three approved gene therapies, ZYNTEGLO, SKYSONA and LYFGENIA; and (ii) to fund working capital and other general corporate purposes.
As of Q4 2023, bluebird bio, Inc. (NASDAQ:BLUE) shares were held by 32 leading hedge funds tracked by Insider Monkey with the total shares held by hedge funds valued at $55 million. Anand Parekh’s Alyeska Investment Group was its leading hedge fund shareholder with ownership of 6.9 million shares valued at $9.5 million.
3. BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX)
Share Price as of February 21: $5.63
Number of Hedge Fund Holders: 32
BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) is a global biotechnology company focused on leveraging its expertise in structure-guided drug design to develop oral small-molecule and protein therapeutics to target difficult-to-treat diseases.
BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) has commercialized ORLADEYO® (berotralstat), the first oral, once-daily plasma kallikrein inhibitor for prophylaxis to prevent attacks of hereditary angioedema (HAE) in adults and pediatric patients.
On January 5, BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) announced preliminary, unaudited ORLADEYO® net revenue for Q4 2023. Net revenue for ORLADEYO® increased by 27% y-o-y to $90 million during the quarter with full-year net revenue of nearly $325 million.
As of Q4 2023, BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) shares were held by 32 hedge funds. These hedge funds together held shares worth $383 million.
2. Cogent Biosciences, Inc. (NASDAQ:COGT)
Share Price as of February 21: $8.43
Number of Hedge Fund Holders: 33
Cogent Biosciences, Inc. (NASDAQ:COGT) is a biotechnology company focused on developing precision therapies for genetically defined diseases.
On December 11, Cogent Biosciences, Inc. (NASDAQ:COGT) reported positive data from Part 1 of the company’s ongoing Phase 2 APEX clinical trial evaluating bezuclastinib in patients with advanced systemic mastocytosis. The company is actively enrolling patients in Part 2 of the Phase 3 registration-enabling PEAK trial in Gastrointestinal Stromal Tumors (GIST).
Cogent Biosciences, Inc. (NASDAQ:COGT) shares were owned by 33 prominent hedge funds tracked by Insider Monkey with a total value of $212 million, as of Q4 2023.
1. Travere Therapeutics, Inc. (NASDAQ:TVTX)
Share Price as of February 21: $7.90
Number of Hedge Fund Holders: 36
San Diego, California-based Travere Therapeutics, Inc. (NASDAQ:TVTX) is a biopharmaceutical company focused on developing therapies for rare diseases. It has two approved therapies: FILSPARI® (sparsentan) for adults with primary IgA nephropathy, and THIOLA EC® (tiopronin) to help prevent the formation of one type (cystine) of kidney stones.
On September 5, Travere Therapeutics, Inc. (NASDAQ:TVTX) completed the sale of its bile acid product portfolio that includes Cholbam and Chenodal to Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM). The company received $210 million at closing and is eligible for up to $235 million in potential sales-based milestone payments.
Travere Therapeutics, Inc. (NASDAQ:TVTX) ranks #1 on our list of 12 best medical stocks to buy under $10 based on the number of hedge funds holding its shares as of December 31, 2023. The shares of the company were owned by 36 hedge funds with a total value of $310 million.
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