Many types of health care stocks exist in the market. Health care stocks refer to companies with a focus on making medicine, health solutions, fitness equipment, and more. This pandemic with no end in the near future has resulted in many new health care stocks rising. Investors are placing their money within top health care stocks with high hopes. The race for health care companies to create solutions for the pandemic is high stakes.
There has been no vaccine successful enough to be mass produced thus far. With that being said, there is reportedly more than 170 contenders in the race. Many health care companies are still focusing on other diseases and such still. When there is successful trials from these companies, it can cause their stock price to rise. With many health care stocks on the rise before, the coronavirus pandemic has boosted that to a new level.
Health care stocks can be a volatile sector to invest in at the moment. Sometimes a health care company is doing a similar trial as another one. This means that the health care company that makes the advancements faster will rise. This could result in the stock price of the other one falling. So it is important to look out for the best health care stocks to watch in the market. Now it is time to focus on two health care stocks that are seeing positive momentum in the market.
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The first health care stock to watch is ProPhase Labs Inc. (PRPH Stock Report) due to its recent momentum in the market. ProPhase Labs describes itself as a manufacturing and marketing company within the OTC consumer health care sector. The company produces health care products and dietary supplements. ProPhase focuses on research, development, manufacturing, distributing, and marketing its products in the United States.
On August 11th, ProPhase Labs released its second quarter financial results. ProPhase announced net sales of $3.6 million for 3 months ending on June 30th, 2020. This is largely up from its net sales one year ago of $1.7 million. As for the six month report, it brought in $5.5 million in net sales compared to $4 million the previous year. These positive financial results had a grand effect on PRPH stock price.
PRPH stock has floated around $1.40 to $1.50 for a good while now. But when these financial results came out, PRPH stock price rose as much as 60.54%. As of August 11th, PRPH stock is at $2.72 a share, making it 47% higher than its price before the financial results were released. If PRPH stock price can keep up this momentum it will be great for investors. When the next period of quarter results is released, PRPH stock could rise even more. That is why PRPH stock is a health care stock to watch.Top Health Care Stocks To Watch During The Pandemic: Pfenex
The next health care stock to watch is Pfenex Inc. (PFNX Stock Report) because of its massive uptick. Pfenex describes itself as a health care company that develops novel protein therapeutics to improve existing treatment paradigms. The company has a protein therapeutic development platform for rapid candidate selection, drug developing, and possible higher success rates for treatment. The company focuses on producing enzymes, peptides, antibody derivatives, and non-natural proteins.
PFNX stock had already received a slight boost from its second quarter results. These second quarter results were released on August 6th. But now Pfenex has been bought out by Ligand Pharmaceuticals. This is an all stock deal with a consideration of $513 million. PFNX stock price rose very swiftly after this announcement. Before it was announced, PFNX stock was at $7.66 a share on average. As of August 11th after the announcement, PFNX stock price has reached $12.75 a share. This is a 66.44% increase in PFNX stock from one announcement.Bottom Line
Could this mean more positive momentum for PFNX stock price? Only the future holds the answer but this deal was great for the company. So as you have seen there are many great health care stocks to watch in the market. When a buyout or good financial results come out, it causes a health care stock to rise. That is why PRPH stock and PFNX stock are two potential health care stocks to buy.