Why the 5 Highest-Yielding Nasdaq Stocks Could Rip Higher With the Red-Hot Summer Rally

In addition, Gilead provides Letairis, an oral formulation for the treatment of pulmonary arterial hypertension; Ranexa, an oral formulation for the treatment of chronic angina; and AmBisome, a liposomal formulation for the treatment of serious invasive fungal infections.

Gilead has collaboration agreements with Arcus Biosciences, Pionyr, Tizona, Tango Therapeutics, Jounce Therapeutics, Galapagos, Janssen, Japan Tobacco, Gadeta, Bristol-Myers Squibb, Merck and Novo Nordisk.

Investors are happy to take a 3.94% dividend to the bank every quarter. BMO Capital Markets has set a $100 price objective, one of the highest on Wall Street. The consensus target is $91.38, and Gilead Sciences stock closed at $76.71 on Monday.

Amgen

This biotech giant remains a safer way to play the massive potential growth in biosimilars. Amgen Inc. (NASDAQ: AMGN) discovers, develops, manufactures and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology and neuroscience.

The company’s products include:

  • Enbrel to treat plaque psoriasis, rheumatoid arthritis and psoriatic arthritis
  • Neulasta reduces the chance of infection due to a low white blood cell count in patients with cancer
  • Prolia to treat postmenopausal women with osteoporosis
  • Xgeva for skeletal-related events prevention
  • Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis and oral ulcers associated with Behcet’s disease
  • Aranesp to treat a lower-than-normal number of red blood cells and anemia
  • Kyprolis to treat patients with relapsed or refractory multiple myeloma
  • Repatha, which reduces the risks of myocardial infarction, stroke and coronary revascularization

Shareholders receive a 3.79% dividend. Amgen stock has a $290 target price at Oppenheimer. The consensus target is lower at $258.29, while Monday’s final trade was for $253.51 a share.

The highest-yielding stocks in the Nasdaq offer a contrarian angle for the rest of 2023, with two big biotechnology stocks (which have been under pressure so far this year), a quality and very conservative utility stock, a consumer defensive packaged food giant, and the world’s largest pharmacy chain (which for better or worse always has demand, especially with an aging population).

Originally published at 24/7 Wall St.

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