New Trade for April 25th, 2023

Some experts say we’re in “the golden age of medical technology.” Technological advances are opening up possibilities for the treatment and prevention of diseases that could only have been imagined in the past. This golden age is also presenting tremendous opportunities for investors. 

High-growth tech stocks from the healthcare sector offer the potential for huge long-term returns.  The best medical tech stocks to buy right now boast strong pipelines, and some already have winning treatments on the market.  Our pick for the day ticks all of these boxes.

NovoCure Ltd. (NVCR) 

In the last 5 years NovoCure saw its revenue grow at 22% per year. That’s well above most pre-profit companies. Meanwhile, its share price performance certainly reflects the strong growth, given the share price grew at 24% per year, compound, during the period. So it seems likely that buyers have paid attention to the strong revenue growth.

NovoCure makes a novel therapy for treating cancer called Tumor Treating Fields (or TTFields). The therapy uses electrical fields to disrupt cancer cell division. TTFields has already been approved for treating glioblastoma (a type of brain cancer) and mesothelioma (a cancer caused by exposure to asbestos). The company is evaluating the therapy in clinical studies targeting non-small cell lung cancer, ovarian cancer, brain metastases, and pancreatic cancer. Combined, these additional indications represent a potential market that’s 14 times greater than NovoCure’s current market opportunity making it a high growth stock to watch.

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