5 Biotech and Pharma Stocks to Buy According to Billionaire Steve Cohen

4. Thermo Fisher Scientific Inc. (NYSE:TMO)

Point72 Asset Management’s Holdings: $144 million

Percentage of Point72 Asset Management’s Portfolio: 0.63%

Number of Hedge Fund Holders: 94

Thermo Fisher Scientific Inc. (NYSE:TMO) is a diagnostics and research equipment provider headquartered in the United States. Its products aid in the development of vaccines and the diagnosis of diseases.

By Q3 2021 end, Mr. Cohen’s investment firm held 252,961 Thermo Fisher Scientific Inc. (NYSE:TMO) shares worth $144 million and making up 0.63% of its portfolio. During the same time period, 94 of the 867 hedge funds polled by Insider Monkey had holdings in the company.

Thermo Fisher Scientific Inc. (NYSE:TMO) earned $9.3 billion in revenue and $5.76 in non-GAAP EPS for its third quarter, making Wall Street happy by beating estimates for both. In an October 2021 analyst note, SVB Leerink increased the company’s price target to $685, stating that a strong quarter and optimistic guidance are strong points for the equipment provider.

Thermo Fisher Scientific Inc. (NYSE:TMO)’s largest shareholder is Ken Fisher’s Fisher Asset Management who owns two million shares worth a whopping $1.1 billion.

In its Q3 2021 investor letter, L1 Capital mentioned Thermo Fisher Scientific Inc. (NYSE:TMO) and outlined that:

“Included in these adjustments, in early July 2021, we divested our remaining small investment in Thermo Fisher Scientific (Thermo Fisher), the world leader in the provision of equipment, consumables, and services to the Life Sciences industry. Thermo Fisher has benefited from elevated demand for its products and services associated with COVID-19 and we sold our residual investment at a gain of more than 70% compared to our average investment cost. Thermo Fisher subsequently held an Investor Day and positively surprised many people, including us, with very strong medium-term growth targets, notwithstanding a headwind from normalisation of COVID-19-related business. Thermo Fisher is a high-quality business and remains on our ‘Bench’ for potential reinvestment.”