Investors High on 3 Top Drug Stocks
The broader U.S. stock market may have been struggling of late, but top drug stocks are flying high. The day before the U.S. Thanksgiving holiday has seen the markets stage a relief rebound after two weeks of virtual free-fall. Still, though, volatility remains elevated and investors continue to be nervous. As it stands now, it looks like nothing has been accomplished in terms of overall market performance this year. The S&P 500 as of Wednesday afternoon is flat to slightly negative year-to-date.
But it’s a whole other story for major pharmaceutical stocks, especially those highlighted here. These drug-manufacturing behemoths have been riding a rising trend for healthcare stocks, even as the broader market barely stays afloat. The high-flyers include:
The chart above shows the three stocks ordered from top to bottom by performance (labeled with price and percentage performance on the y-axis) against the S&P 500 ETF – SPY. All three of these big pharmas are very comfortably showing solid double-digit returns while the S&P 500 continues to flounder. Smaller drug manufacturers are also showing strength in the face of market adversity.
Does this necessarily mean it’s a good time to be buying drug stocks now? Well, if you’re looking to stay invested during this extended period of market turbulence, you might want to take a serious look at these exceptionally strong performers.
And to all of our friends, viewers, and clients in the U.S., Happy Thanksgiving!
IMPORTANT: The information above should not be construed as investment advice and should not be considered as a solicitation to buy or sell securities. Past performance is not indicative of future results. Trading and investing in the financial markets involves substantial risk of loss, and may not be suitable for all investors.
Disclosure: At the time of this article’s publication, we have no position in any security or trade/investment mentioned, nor do we have any business relationship with any company whose stock may be mentioned.
Senior Technical Analyst at The Technicals
As a momentum stock trader, Luke focuses mostly on strong market moves. Luke has been trading the markets since the early 2000s, but still gets excited by big movers. Whether a surging large-cap tech company or meteoric penny stock, Luke tracks and trades winners. A technical analysis purist, Luke authors many of our Top Stocks & ETFs reports. Contact Luke