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The past one-and-a-half years have changed the shape of the healthcare sector worldwide. As the coronavirus pandemic persists and governments spend millions to upgrade the existing medical infrastructure, investors continue to take note of the evolving healthcare space.
In Canada, the S&P/TSX Capped Healthcare Index soared by 26.2 per cent year-to-date (YTD). The S&P 500 Health Care Index, which holds a market cap of US$ 4.6 trillion, has climbed about eight per cent YTD.
The healthcare sector is expected to record further growth this year in North America. This could mean well for people who are on the lookout for healthcare stocks.
On Monday, June 7, healthcare stocks soared across North America, with the S&P/TSX Capped Healthcare Index climbing four per cent. On that note, let's explore the notable healthcare stocks.
Biogen Inc (NASDAQ:BIIB, BIIB:US)
Stocks of Biogen Inc jumped 38 per cent on Monday to close at US$ 395.85 apiece.
The surge came after the company announced that the US Food and Drug Administration (FDA) has granted them accelerated approval for ADUHELM™. This is said to be the first and only Alzheimer's disease treatment that will target the underlying cause of this disease.
The drug manufacturer's stock soared by 48 per cent in the past one week and surged 62 per cent in last six months.
In the first quarter of 2021, Biogen’s total revenues were US$ 2,694 million and gross profit was US$ 2.2 billion.
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Bionano Genomics Inc (NASDAQ:BNGO, BNGO:US)
Bionano shares have been riding high since the company released its first quarterly earnings report in May 2021. The company posted a 179 per cent year-over-year (YoY) increase in its revenue of US$ 3.2 million and recorded a robust balance sheet with US$ 362 million in cash in the latest quarter.
Bionano stock returned 55 per cent to its shareholders in the past one month. It skyrocketed by 1494 per cent in the past year.
Its debt-to-equity (D/E) ratio is 0.04 and its market cap is US$ 2.3 billion as per TMX.
On Monday, the stock climbed 22 per cent to close at US$ 8.4 apiece.
WELL Health Technologies Corp (TSX:WELL)
WELL Health Technologies, which owns digital and primary health clinics, announced on Monday the acquisition of MyHealth Partners Inc. This merger is expected to make WELL Health one of the largest outpatient medical clinic owners in Canada.
After the announcement, WELL stock surged by about 10 per cent to close at C$ 7.88 per share on Monday.
Outperforming the TSX 300 Composite Index's growth of 126 per cent in last one year, WELL stock catapulted by 185 per cent.
In Q1 2021, WELL Health posted a positive adjusted EBITDA for the second time in a row, amounting to C$ 0.5 million.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
