In this article, we will be taking a look at the Top 10 Oncology Stocks to Buy Now.
The oncology market in the United States was estimated at $81.34 billion in 2025 and is expected to reach $211.78 billion by 2034 with a compound annual growth rate of 11.75%. This growth can be mainly explained by the rising cancer rates and the higher expectations of personalized, more effective, and sophisticated treatment.
Targeted treatments and monoclonal antibodies remain the top sectors of the US oncology industry, with monoclonal antibodies accounting for about 30% of market sales in 2024. The Inflation Reduction Act’s Medicare drug-price negotiation provisions, which will take effect in 2026 for some expensive Part D medications like ibrutinib, are intended to reduce costs for patients and healthcare programs. This price adjustment is expected to make their products more affordable, but some manufacturers are reconsidering their investment policies, especially regarding post-approval studies and long-term research and development, due to the possible impact on future revenue streams.
The major trends affecting the US oncology sector include the growing trend of artificial intelligence that is set to achieve an accuracy rate of around 70%-80% in predicting patient response to immunotherapy in certain situations by 2026. Antibody-Drug Conjugates (ADCs) and Bi-specific T-cell Engagers (TCEs), which are called next-generation modalities, are improving therapeutic efficacy and decreasing toxicity. Furthermore, non-invasive biopsies (liquid biopsies based on circulating tumor DNA (ctDNA) are taking the place of the traditional biopsies as a disease monitoring technique.
Looking ahead, oncology is increasingly becoming molecularly defined into subsets, thus enabling clinicians to target particular mutations, including KRASG12D or HER2 low, instead of treating malignancies based entirely on organ site. There is an emerging trend towards therapeutic messenger RNA (mRNA) vaccines, which are currently undergoing late-stage clinical trials with the likelihood of approval in 2027-2029. The convergence of radiopharmaceuticals, protein degraders (PROTAC), and AI-driven diagnostics will be an important part of the United States oncology market in the near future and will offer more individualized and precision-based care.
With that being said, let’s now look at the top 10 oncology stocks.
Our Methodology
For our methodology, we focused on oncology stocks by screening exchange-traded funds (ETFs) such as CANC and CNCR. From these ETFs, we identified the top 10 stocks with the highest number of hedge fund holders as of Q3 2025, according to data from the Insider Monkey database. These stocks were then ranked in ascending order based on their number of hedge fund holdings.
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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
Here is our list of the top 10 oncology stocks to buy now.
10. Genmab A/S (NASDAQ:GMAB)
Number of Hedge Fund Holders: 20
Genmab A/S (NASDAQ:GMAB) is one of the best cancer stocks on our list.
TheFly reported on January 8 that Deutsche Bank raised its price target for GMAB to DKK 2,400 from DKK 2,000 and reiterated a Buy rating, reflecting analysts’ optimism about the company’s late-stage oncology pipeline.
Separately, a day earlier, on January 7, Genmab A/S (NASDAQ:GMAB) partnered with AI research company Anthropic to enhance its R&D capabilities using agentic AI powered by Claude models. While keeping human control, the AI will automate complicated data processing and document creation. The partnership is a move toward a more scalable, effective, and digitally enabled R&D process, according to Tahamtan Ahmadi, EVP and Chief Medical Officer.
Genmab A/S (NASDAQ:GMAB) is a biotechnology company specializing in oncology, developing innovative antibody-based therapies for cancer treatment. Its late-stage pipeline includes promising programs like Rina‑S and Epkinly.
9. Novartis AG (NYSE:NVS)
Number of Hedge Fund Holders: 33
Novartis AG (NYSE:NVS) is placed ninth on our list among the best cancer stocks.
TheFly reported on January 6 that Barclays upgraded NVS to Equal Weight from Underweight with a CHF 120 price target after a coverage transfer. Barclays noted a poor operational outlook for 2026 and stated that the company’s “fairly rich” pipeline is mostly reflected in valuation and faces competition.
In other news, Novartis AG (NYSE:NVS) unveiled a 35,000-square-foot RLT facility in Winter Park, Florida, on January 9. This is the company’s fourth U.S. location and a component of its $23 billion U.S. investment strategy. The facility handles specific, time-sensitive logistics and was built to support precision oncology treatments such as Pluvicto and Lutathera.
Novartis AG (NYSE:NVS) is a global biopharmaceutical leader with a robust oncology portfolio, including over 30 high-value therapies and a growing radioligand therapy (RLT) pipeline. The company invests heavily in precision oncology, advanced manufacturing, and targeted treatments like Pluvicto and Lutathera to address complex cancer needs worldwide.
8. Exelixis, Inc. (NASDAQ:EXEL)
Number of Hedge Fund Holders: 33
Exelixis, Inc. (NASDAQ:EXEL) is placed eighth among the best cancer stocks.
TheFly reported on January 8 that H.C. Wainwright analyst Robert Burns raised his price target on EXEL to $52 from $49 while maintaining a Buy rating after the company announced a strategic collaboration with Natera. According to Burns, investor sentiment around zanzalintinib’s commercial potential across several tumor indications will be the primary near-to medium-term value driver.
On the same day, Morgan Stanley downgraded Exelixis, Inc. (NASDAQ:EXEL) to Equal Weight from Overweight and raised its price target to $48 from $45. According to the firm, the stock is currently trading barely 10% below the updated goal after a roughly 28% increase in share price over the prior year. Zanzalintinib will be commercially available for a number of cancer indications for the first time in 2026, according to Morgan Stanley, and its valuation already accounts for related catalytic events.
On January 11, EXEL reported preliminary 2025 revenues of about $2.32 billion in a business update that followed these analyst actions. The company’s $2.525–$2.625 billion sales forecast for 2026 is a crucial factor in analysts’ updated models.
Exelixis, Inc. (NASDAQ:EXEL) focuses on the discovery and development of small molecules for the treatment of various cancers. Its primary products, CABOMETYX and COMETRIQ, target multiple tyrosine kinases, including MET, VEGFR, and AXL, which are involved in tumor growth and angiogenesis.
7. Nuvation Bio Inc. (NYSE:NUVB)
Number of Hedge Fund Holders: 39
Nuvation Bio Inc. (NYSE:NUVB) stands seventh on our list among the best oncology stocks.
TheFly reported on January 12 that H.C. Wainwright reduced its price target on NUVB to $17 from $18 while maintaining a Buy rating. The firm said the company’s fourth-quarter Ibtrozi sales came in line with expectations.
On the same day, NUVB reported preliminary Q4 2025 net product revenue of approximately $15.7 million for IBTROZI (taletrectinib). The company also highlighted that 216 new patients started treatment with IBTROZI in the fourth quarter and received a $25 million milestone payment from Nippon Kayaku
Nuvation Bio Inc. (NYSE:NUVB) is a clinical-stage biopharmaceutical company focused on developing innovative therapies for oncology patients. Its lead asset, IBTROZI (taletrectinib), targets rare and difficult-to-treat cancers. The company emphasizes precision medicine, pipeline expansion, and improving outcomes for patients with limited therapeutic options in oncology.
6. Illumina, Inc. (NASDAQ:ILMN)
Number of Hedge Fund Holders: 45
Illumina Inc. (NASDAQ:ILMN) is another one of the best cancer stocks on our list.
TheFly reported on January 7 that TD Cowen raised its price target on ILMN to $140 from $115 while maintaining a Hold rating. The change was included in the company’s outlook for the life science tools industry for the fourth quarter. Although several firms have already released cautious advice for 2026, the analyst pointed out that recent share price advances have elevated expectations. TD Cowen feels this leaves space for upside next year.
Separately, on January 6, Illumina Inc. (NASDAQ:ILMN) launched Illumina Connected Multiomics, a cloud-based platform designed to integrate and analyze large multiomic datasets.
Illumina Inc. (NASDAQ:ILMN) develops advanced genomic sequencing and multiomics solutions, enabling precision oncology research, biomarker discovery, and targeted therapies. Its AI-driven platforms accelerate cancer diagnostics, drug development, and personalized treatment strategies, positioning the company as a leader in oncology-focused genomic innovation.
5. Guardant Health, Inc. (NASDAQ:GH)
Number of Hedge Fund Holders: 50
Guardant Health, Inc. (NASDAQ:GH) is placed fifth on our list among the best cancer stocks.
TheFly reported on January 9 that Stifel increased its price target on GH to $120 from $100 while maintaining a Buy rating. The firm anticipates strong volume and average selling price growth in 2026, with publication and reimbursement events that it claims will keep investors interested.
Similarly, on the same day, Mizuho raised its price target on Guardant Health, Inc. (NASDAQ:GH) to $135 from $120 while maintaining an Outperform rating. Additionally, the firm revised its models for the diagnostics and medical device sectors.
Guardant Health, Inc. (NASDAQ:GH) is a precision oncology company focused on developing non-invasive liquid biopsy tests for cancer detection, treatment selection, and disease monitoring. Its flagship products, including Guardant360 and Guardant Shield, enable early detection, biomarker profiling, and real-time monitoring, supporting personalized cancer care.
4. AstraZeneca PLC (NASDAQ:AZN)
Number of Hedge Fund Holders: 54
AstraZeneca PLC (NASDAQ:AZN) is placed fourth on our list among the best cancer stocks.
TheFly reported on January 6 that Barclays analyst James Gordon increased the price target on AZN to 16,500 GBp from 14,000 GBp. The firm maintained an Overweight rating on the shares.
On the same day, AstraZeneca announced statistically significant results from its Phase III TULIP‑SC trial of Saphnelo (anifrolumab) in systemic lupus erythematosus (SLE). Subcutaneous self-administration of Saphnelo led to a clinically significant reduction in disease activity at Week 52, with 56.2% of patients showing improvement as opposed to 37.1% in the placebo group. These results support saphnelo’s potential as an SLE therapy.
AstraZeneca PLC (NASDAQ:AZN) is a global biopharmaceutical company advancing cancer care through a robust late-stage oncology pipeline, innovative targeted therapies, and immuno-oncology treatments, aiming to improve patient outcomes across multiple tumor types worldwide.
3. BridgeBio Pharma, Inc. (NASDAQ:BBIO)
Number of Hedge Fund Holders: 61
The third stock on our list is BridgeBio Pharma, Inc. (NASDAQ:BBIO)
TheFly reported on January 8 that Truist raised its price target on BBIO to $86 from $80 while maintaining a Buy rating. The firm updated its model but noted in a research note that its fundamental views remain unchanged from 2025.
In keeping with this positive view, on January 12, BridgeBio Pharma, Inc. (NASDAQ:BBIO) gave a significant operational update at the 44th Annual J.P. Morgan Healthcare Conference. For Attruby, the firm announced preliminary unaudited revenues of $146.0 million for the fourth quarter of 2025, totaling $362.4 million in product revenue for the full year of 2025. This accomplishment amply illustrates the rapid market adoption of Attruby as a first-choice treatment for newly diagnosed ATTR-CM patients, with over 6,000 unique prescriptions written by the end of 2025.
BridgeBio Pharma, Inc. (NASDAQ:BBIO) develops therapies for genetic diseases and cancers, supporting its oncology-focused spin-off, BridgeBio Oncology Therapeutics (BBOT), which advances precision cancer treatments targeting key oncogenes like RAS and PI3K into clinical trials.
2. Bristol-Myers Squibb Company (NYSE:BMY)
Number of Hedge Fund Holders: 76
Bristol-Myers Squibb Company (NYSE:BMY) is placed second among the best cancer stocks on our list.
TheFly reported on January 9 that Scotiabank analyst Louise Chen raised BMY’s price target to $60 from $53 while maintaining a Sector Perform rating. According to the analyst, investors find the stock appealing because to its low valuation and a “catalyst-rich” 2026.
Separately, on January 12, Bristol-Myers Squibb Company (NYSE:BMY) announced that its Phase 3 SCOUT-HCM trial, which assessed Camzyos (mavacamten) in teenagers with symptomatic obstructive hypertrophic cardiomyopathy (oHCM), yielded positive topline results. With a safety profile comparable to that of adults, the study, the first Phase 3 evaluation of a cardiac myosin inhibitor in patients with oHCM aged 12 to <18, fulfilled its primary and many secondary endpoints.
Bristol-Myers Squibb Company (NYSE:BMY) is a global biopharmaceutical leader in oncology, advancing innovative immuno-oncology and targeted therapies across solid tumors and hematologic malignancies, supported by a deep clinical pipeline and a strong legacy in cancer research and development.
1. Merck & Co., Inc. (NYSE:MRK)
Number of Hedge Fund Holders: 92
Merck & Co., Inc. (NYSE:MRK) tops our list for being one of the best cancer stocks.
TheFly reported on January 8 that Wolfe Research analyst Alexandria Hammond upgraded MRK to Outperform from Peer Perform with a $135 price target. The firm described the five-year revenue outlook as “attractive” and stated that the stock is “poised for a breakout” after accretive M&A and ahead of a catalyst-rich era after integrating MRK’s late-stage pipeline, possible label expansions, and prescriber feedback into its models.
Separately, on January 9, reports emerged that MRK is in active talks to acquire Revolution Medicines for approximately $30 billion.
Merck & Co., Inc. (NYSE:MRK) is a leading oncology company driven by its blockbuster immunotherapy Keytruda, with a diversified cancer portfolio spanning immuno-oncology, targeted therapies, and combination regimens, supported by an expanding clinical pipeline and strategic acquisitions to sustain long-term growth.
While we acknowledge the potential of MRK 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 MRK and that has 100x upside potential, check out our report about this cheapest AI stock.
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