5 Healthcare and Biotech Stocks to Buy Amid Monkeypox Threat

3. Quest Diagnostics Incorporated (NYSE:DGX)

Number of Hedge Fund Holders: 37

Quest Diagnostics Incorporated (NYSE:DGX) provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine testing, non-routine & advanced clinical testing, anatomic pathology testing, and other diagnostic information services.

On July 13, Quest Diagnostics Incorporated (NYSE:DGX) announced that it has developed a molecular diagnostic test to diagnose the monkeypox virus. The company’s PCR-based test is the first commercially available test to detect the monkeypox virus and classify it from other non-variola orthopoxviruses. As of August 5, Quest Diagnostics Incorporated (NYSE:DGX) has gained 3.61% over the past six months.

On July 21, Quest Diagnostics Incorporated (NYSE:DGX) reported earnings for the fiscal second quarter of 2022. The company reported earnings per share of $2.36 and beat EPS estimates by $0.09. The company’s revenue for the quarter came in at $2.45 billion and outperformed Wall Street expectations by $117.15 million. On July 22, Mizuho analyst Ann Hynes revised her price target on Quest Diagnostics Incorporated (NYSE:DGX) to $160 from $185 and reiterated a Buy rating on the shares.

At the close of Q1 2022, 37 hedge funds were bullish on Quest Diagnostics Incorporated (NYSE:DGX) and held stakes worth $442.83 million in the company. This is compared to 32 positions in the previous quarter with stakes worth $602.84 million.

As of March 31, Renaissance Technologies is the leading shareholder in Quest Diagnostics Incorporated (NYSE:DGX) and owns roughly 1.13 million shares of the company. The investment covers 0.18% of Jim Simons’ 13F portfolio.