NVO - Billionaire Jim Simons Owns These 2 Healthcare Stocks: Should You?
2024-05-12 13:25:00 ET
Many billionaire investors are going all in on artificial intelligence (AI). That's understandable. AI is quickly being integrated into businesses' day-to-day operations. The leaders in the field could deliver outsized returns. However, there are other exciting investment opportunities out there. Consider Renaissance Technologies, a hedge fund headed by Jim Simons. The fund's holdings feature several healthcare stocks. That includes two notable drugmakers: Novo Nordisk (NYSE: NVO) and Exelixis (NASDAQ: EXEL) .
Should investors follow Simons' lead and invest in these companies? I think so, and here is why.
Novo Nordisk is the genius behind Wegovy, one of the leading anti-obesity therapies on the market, and Ozempic, a diabetes treatment. The hype surrounding these medicines is backed by the data. It's been hard for Novo Nordisk to keep pace with the demand for Wegovy and Ozempic. Sales have skyrocketed for both, helping Novo Nordisk's top line grow rapidly in recent years. In the first quarter, the company's net sales came in at 65.3 billion Danish kroner ($9.41 billion), an increase of 22% year over year.
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Billionaire Jim Simons Owns These 2 Healthcare Stocks: Should You?