Allergan is the top healthcare stock being bought by the 25 richest active hedge fund billionaires while Thermo Fisher Scientific is the top stock being unloaded.
“As part of our hedge fund billionaire holding analysis, we looked into what the 25 richest active hedge fund billionaires bought and sold in the healthcare sector. In the quarter ending September 30,” Forbes said in compiling the list:
Top Buy:
- Allergan (Number of billionaires: 8)
- Amgen (Number of billionaires: 7)
- Zoetis (Number of billionaires: 6)
- Abbott (Number of billionaires: 6)
- Baxter (Number of billionaires: 5)
- Pfizer (Number of billionaires: 5)
- LabCorp (Number of billionaires: 5)
- Teva (Number of billionaires: 4)
- Medivation (Number of billionaires: 5)
- Perrigo (Number of billionaires: 4)
To be sure, Allergan stock (NYSE:AGN) has soared since Trump won the presidency.
Allergan had been lagging before the election “due to the drug-pricing controversy that was spearheaded by Democrats like Hillary Clinton and Bernie Sanders. Although Trump has also spoken out against sky-high drug prices in the last few months, he didn't make this topic a cornerstone issue of his campaign. Moreover, Republicans in general simply haven't railed against the pharma industry's pricing practices to the same degree as their counterparts during this election cycle, which could turn out to be a major win for the industry as Republicans now control both houses of Congress,” Motley Fool explained.
Top Sell:
- Thermo Fisher Scientific (Number of billionaires: 7)
- Perrigo (Number of billionaires: 7)
- Illumina (Number of billionaires: 7
- Mylan (Number of billionaires: 6)
- Hospira (Number of billionaires: 6)
- Isis Pharmaceuticals (Number of billionaires: 5)
- UnitedHealth Group (Number of billionaires: 5)
- Hill-Rom (Number of billionaires: 5)
- DaVita (Number of billionaires: 5)
- Teva Pharmaceutical (Number of billionaires: 5)
For its part, shares of Thermo Fisher Scientific (TMO), a top seller of laboratory gear and a key beneficiary of National Institutes of Health (NIH) spending, jumped 3.2% this past week. And Barron’s predicts the stock has more room to run - 30% - after the company has beaten earnings estimates but the shares are valued no higher than the serial disappointers.
“One reason is that NIH funding looks not only secure, but also headed higher. And Thermo Fisher is likely to grow its earnings per share at a double-digit clip for years to come. Its shares have returned more than 25% since we recommended them just over two years ago. They could add another 30% over the coming two years,” Barron’s reported.
Deutsche Bank strategist David Bianco suggested that savvy investors buy health stocks as he predicted the market will rally into year-end due to the pro-growth Republican agenda, CNBC reported.
"We think the message of this election is that America demands stronger economic growth. ... A Republican Congress and president is likely to reduce regulation, cut corporate taxes just enough to be globally competitive and bring cash offshore home," Bianco wrote in a note to clients Wednesday.
"The stock market should be fine. ... We think the stock market sell-off will be short-lived. We think this Republican sweep is positive for the broad market and especially healthcare stocks."
(Newsmax wire services contributed to this report).
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