Analysts recommend buying Gilead Sciences and Abbott

Analysts recommend buying Gilead Sciences and Abbott

Stock markets were volatile during the last months due to the coronavirus pandemic. As countries went into lockdown, most businesses faced suspended. As a result, workers were laid off. While the majority of futures suffered severe losses, there are several stocks, which flourished during the epidemy thanks to their specialty.

Gilead Sciences is a biotech company, which works on its experimental COVID-19 treatment currently. It gained Wall Streets’ attention due to new medicine. Gilead announced recently about plans to donate 1.5 million doses of the new drug, which could treat 140,000 patients.

So far, Gilead Sciences’ shares soared by 20% year-to-date. But Analyst Jeffries’ Michael Yee thinks that the stock will hit a high again. He set a price target at $89 for the stock, indicating a 14% upside potential.

Experts recommend grabbing this stock, as it is among the few of those futures, demonstrating the potential to come out from the current crisis not only unscathed but also with significant new profits.

How much could Abbott Laboratories gain over the year?

Abbott Laboratories is the second company that could gain immensely during the pandemic. This Biotech has real potential, as well as resources to make a difference. Abbott’s tests to identify the coronavirus have helped healthcare providers make serious headway in the fight against the coronavirus.

The FDA granted Abbot an emergency use authorization (EUA) for a rapid coronavirus testing system on April 3. It can ascertain results much faster than any other available COVID-19 test. Meanwhile, labs throughout the U.S. are already using Abbott’s molecular test.

Analyst Kristen Stewart stated that Abbott would probably gain significantly over the coming months as all the medical facilities and physician offices would need these tests. According to reports, 4 million of Abbott’s molecular tests can be conducted each month on its m2000 systems, with the company charging about $30 per test.

Wall Street analysts dubbed this stock as a strong buy. Stewart set its price target at $98. If the target is met, investors will gain 23% over the year.

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