In this article, we will discuss the 7 Best ASX Stocks to Buy Now
While the Australian market is relatively well-positioned, it is vulnerable to broader market shocks, says SG Hiscock & Company (an Australian boutique investment manager). During the meeting on May 20, the RBA Board decided to reduce the cash rate target by 0.25% to 3.85%. For the broader market, the critical feature of this meeting, as well as the media briefing, was confirmation that the Board assessed the possibility of an even larger rate cut of 0.5%. Considering the still-elevated levels of global uncertainty, the RBA is expected to take a cautiously dovish stance toward further rate cuts, as per Grant Feng (Vanguard Senior Economist).
What Lies Ahead for the Australian Economy?
There has been some easing of the US-China trade tensions, reducing the external uncertainty and growth concerns, added Feng. Overall, Feng expects the Australian economy to grow ~2% over 2025, with the easing of policy partly mitigating the impact of uncertainty. The inflation is expected to stay in the 2%–3% band targeted by the RBA, though it is expected to be in the upper half of this range. Furthermore, the supply-side weakness, mainly the lackluster productivity growth, is expected to hold back progress on disinflation, added Feng.
Amidst these trends, let us now have a look at the 7 Best ASX Stocks to Buy Now
An experienced fund advisor setting parameters on investments with remaining maturities of one to three years.
Our Methodology
To list the 7 Best ASX Stocks to Buy Now, we used a screener to shortlist the ASX stocks listed on the US exchanges. After getting the list, we chose the ones popular among hedge funds, as of Q1 2025. Finally, the stocks have been ranked in ascending order of their hedge fund sentiments.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
7 Best ASX Stocks to Buy Now
7. Telix Pharmaceuticals Limited (NASDAQ:TLX)
Number of Hedge Fund Holders: N/A
Telix Pharmaceuticals Limited (NASDAQ:TLX) is one of the 7 Best ASX Stocks to Buy Now. On June 23, the company announced that the US FDA approved a label expansion for Illuccix® (kit for the preparation of gallium Ga-68 gozetotide, for injection) to include patient selection for radioligand therapy (RLT) in the pre-taxane setting.
This update gets applied to Illuccix’s third indication, for selecting patients who are indicated for PSMA-directed therapy as described in the Prescribing Information of the therapeutic products. The label expansion follows the approval by the US FDA of an expanded label for Pluvicto® (lutetium Lu177 vipivotide tetraxetan) for use in metastatic castration-resistant prostate cancer (mCRPC) patients after the treatment with androgen receptor pathway inhibitor (ARPI) therapy and before chemotherapy. Now that RLT is approved for earlier usage in the patient journey, the clinical utilization of Illuccix® is projected to increase by a minimum of 20,000 scans annually.
In Q1 2025, Telix Pharmaceuticals Limited (NASDAQ:TLX)’s unaudited revenue came in at ~$186 million, representing an increase of 62% over the prior year corresponding quarter (Q1 2024: $115 million) and a QoQ rise of 31% (Q4 2024: $142 million). This includes $151 million from global sales of Illuccix® and $33 million from RLS Radiopharmacies (RLS) since the acquisition was completed on 27 January 2025.
Telix Pharmaceuticals Limited (NASDAQ:TLX) stated that Illuccix continued to gain market share and maintain price stability amidst competition. Furthermore, Telix Pharmaceuticals Limited (NASDAQ:TLX) happens to be the only company with 2 FDA-approved PSMA-PET imaging agents – Illuccix and Gozellix. This allows it to broaden patient reach and maximize choice for the customers. Telix Pharmaceuticals Limited (NASDAQ:TLX)’s stock has a consensus one-year price target of $22.90.
6. ioneer Ltd (NASDAQ:IONR)
Number of Hedge Fund Holders: N/A
ioneer Ltd (NASDAQ:IONR) is one of the 7 Best ASX Stocks to Buy Now. On June 26, ioneer Ltd (NASDAQ:IONR) announced the formal beginning of the strategic partnering process. This is expected to take a minimum of 4 months. After the completion of recent critical work, which includes a major ore reserve upgrade and updated Project economics, the company launched a formal strategic partnering process. This is to identify an equity partner who can help in accelerating the development of Rhyolite Ridge and advancing the Project into production.
ioneer Ltd (NASDAQ:IONR) stated that the Rhyolite Ridge Project happens to be unique in the global lithium and boron sectors, and possesses a strong and resilient project economics with all-in sustaining costs anticipated to be in the lowest quartile of the global lithium cost curve. Furthermore, the key characteristics include the dual revenue from lithium (75%) and boron (25%), and the unique lithium-boron deposit, which allows for the production of high-purity chemicals at the mine site.
ioneer Ltd (NASDAQ:IONR) has also announced a non-underwritten share purchase plan, aiming to garner up to ~A$5.0 million. This follows the company’s successful completion of ~A$25 million institutional placement to eligible sophisticated and institutional investors. The consensus price target of ioneer Ltd (NASDAQ:IONR)’s stock stood at $5.68.
5. Immutep Limited (NASDAQ:IMMP)
Number of Hedge Fund Holders: 2
Immutep Limited (NASDAQ:IMMP) is one of the 7 Best ASX Stocks to Buy Now. On June 23, Immutep Limited (NASDAQ:IMMP) announced positive initial efficacy data and continued favourable safety data from the placebo-controlled, double-blind first-in-human Phase I study evaluating IMP761. This is the first-in-class LAG-3 agonist antibody for autoimmune diseases. The company stated that through the highest dosing level to date (0.9 mg/kg of IMP761), there were no treatment-associated adverse events in healthy participants.
Considering the encouraging efficacy and safety, Immutep Limited (NASDAQ:IMMP) is continuing with single ascending dose levels of 2.5, 7, and 14 mg/kg. The LAG-3 (lymphocyte-activation gene-3) immune checkpoint is a promising therapeutic target for rheumatoid arthritis, Type 1 diabetes, and multiple sclerosis in multiple publications. Immutep Limited (NASDAQ:IMMP) stated that IMP761 is the first LAG-3 agonist antibody developed for potentially treating these large and growing disorders, each of which showcases multi-billion-dollar markets, and several other autoimmune diseases.
Through enhancing the “brake” function of LAG-3 in order to silence the dysregulated self-antigen-specific memory T cells, IMP761 has been designed in a way that targets the cause of autoimmune diseases and restores balance to the immune system.
Immutep Limited (NASDAQ:IMMP) is a late-stage biotechnology company engaged in developing novel immunotherapies for cancer and autoimmune diseases.
4. Tamboran Resources Corporation (NYSE:TBN)
Number of Hedge Fund Holders: 3
Tamboran Resources Corporation (NYSE:TBN) is one of the 7 Best ASX Stocks to Buy Now. It closed the first tranche of its previously announced Private Investment Public Equity (PIPE) of common stock in order to finance the ongoing drilling activities to reach plateau production from the proposed SS Pilot Project. Tamboran Resources Corporation (NYSE:TBN) anticipates receiving gross proceeds of ~US$55.4 million upon closing of the second tranche of the PIPE, prior to deducting placement agent fees and other offering expenses.
Pursuant to the closing of the first tranche, Tamboran Resources Corporation (NYSE:TBN) issued 2,180,515 shares of common stock at US$17.74 per share to garner ~US$38.7 million. The funds from the private placement will be used for drilling the remaining 3 wells required for the company’s proposed 40 million cubic feet per day (MMcf/d) Pilot Project at the Shenandoah South location in the Beetaloo Basin to reach first production. This is planned for mid-2026, however, it is subject to weather and standard stakeholder approvals. Furthermore, the funds will be used for the financing of the Sturt Plateau Compression Facility until Tamboran and DWE finalize terms with lenders.
Tamboran Resources Corporation (NYSE:TBN) is a natural gas company that is focused on developing unconventional gas resources in the Northern Territory of Australia.
3. Mesoblast Limited (NASDAQ:MESO)
Number of Hedge Fund Holders: 6
Mesoblast Limited (NASDAQ:MESO) is one of the 7 Best ASX Stocks to Buy Now. The company announced that it received 7 years of orphan-drug exclusive approval from the US FDA for Ryoncil® (remestemcel-L) for treating steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients 2 months of age and older. This period of statutory exclusivity exhibits that the US FDA will not be approving any other mesenchymal stromal or stem cell (MSC) products for this indication during a 7-year period from the approval date of Ryoncil®.
Furthermore, Mesoblast Limited (NASDAQ:MESO) possesses biologic exclusivity preventing another sponsor from referencing the Ryoncil® biologic license application (BLA) till December 2036, 12 years from the 1st approval, preventing market entry by the biosimilar. Apart from such statutory exclusivities, Mesoblast Limited (NASDAQ:MESO) possesses a robust US intellectual property position on MSC composition of matter, manufacturing, and indications, including SR-aGvHD, which offers a commercial barrier to entry against the competitors through 2044.
2. Woodside Energy Group Ltd (NYSE:WDS)
Number of Hedge Fund Holders: 14
Woodside Energy Group Ltd (NYSE:WDS) is one of the 7 Best ASX Stocks to Buy Now. On June 20, Reuters highlighted that Japan’s biggest power generator, JERA, and Australia’s Woodside Energy Group Ltd (NYSE:WDS) have signed a deal in which Woodside will supply JERA with liquefied natural gas only during the winter months. As per the deal, Woodside Energy Group Ltd (NYSE:WDS) will supply ~200,000 metric tons of LNG annually during the December to February period, beginning in FY 2027. The deal is for 5 years.
As per Yuya Hasegawa, a director at the Ministry of Economy, Trade and Industry, this agreement is unusual as it covers only 3 months of the year rather than the whole year, which a regular term contract would have covered. In Q1 2025, Woodside Energy Group Ltd (NYSE:WDS) maintained its strong operational performance throughout the portfolio of high-quality assets, and Sangomar further boosted quarterly revenue via exceptional production of 78 thousand barrels per day at ~98% reliability.
At the Beaumont New Ammonia Project, pre-commissioning activities are projected to start in Q2 2025, and the startup is targeted for H2 of the year. Therefore, the value-creating opportunity is expected to deliver returns above its capital allocation framework and will place Woodside Energy Group Ltd (NYSE:WDS) competitively amidst the growing market for lower-carbon ammonia.
1. IREN Limited (NASDAQ:IREN)
Number of Hedge Fund Holders: 28
IREN Limited (NASDAQ:IREN) is one of the 7 Best ASX Stocks to Buy Now. On June 5, IREN Limited (NASDAQ:IREN) released its monthly update for May 2025, wherein it saw record monthly revenues in Bitcoin mining. This was driven by increased Bitcoin prices and higher average operating hashrate. Furthermore, a record number of Bitcoins were mined during the month. With respect to Bitcoin Mining, the company was able to maintain robust and resilient margins, with increased electricity costs during the month being mitigated by higher bitcoin prices (>70% monthly hardware profit margin YTD).
In Bitcoin Mining, IREN Limited (NASDAQ:IREN) saw revenues of $64.7 million in May 2025, with revenue per Bitcoin coming at $103,345. The company continues to make progress throughout its AI verticals. At Childress, it is executing on its Horizon 1 AI Data Center at pace. With subcontractors mobilized for the installation of the packaged chiller plant, its mechanical and piping contractors remain fully onboarded, and fabrication plans have been advancing. IREN Limited (NASDAQ:IREN) also highlighted that the project is on track for delivery in Q4 2025.
While we acknowledge the potential of IREN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IREN and that has 100x upside potential, check out our report about this cheapest AI stock.
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Disclosure: None.
