Investing in healthcare stocks can be a smart move, especially when focusing on companies with strong growth potential that are currently undervalued.
This article highlights 10 affordable healthcare stocks that investors might consider adding to their portfolios. Each of these companies operates in different niches within the healthcare sector, offering a diverse range of opportunities.
Top 10 cheap healthcare stocks
10. Valeo Pharma Inc. (TSX:VPH) is a specialty pharmaceutical company based in Canada. Despite facing financial challenges, including a recent restructuring under the Companies’ Creditors Arrangement Act (CCAA), Valeo has a diverse product portfolio targeting unmet medical needs in respiratory, neurology and oncology.
“While this is a challenging period for the company, we are still committed to the enterprise, and with our senior lender’s support, we believe the company’s business can emerge from the CCAA proceedings stronger and more sustainable,” Valeo’s CEO, Al Moghaddam, said in a media release.
The company’s stock has seen significant volatility, but its strategic initiatives could position it for future growth.
Valeo Pharma stock (TSX:VPH) has traded in a range between $0.10 to $0.04 since July and has fallen 57 per cent in that time, down 75 per cent since the beginning of the year.
9. Perimeter Medical Imaging AI, Inc. (TSXV:PINK) develops advanced imaging tools for cancer surgery. The company’s proprietary AI technology aims to improve surgical outcomes by providing real-time margin assessment. Despite recent financial challenges, Perimeter’s innovative technology and ongoing clinical trials offer significant growth potential.
The company recently completed patient enrollment in a pivotal study evaluating the use of its next-generation Perimeter B-Series OCT system, which combines proprietary AI technology with optical coherence tomography, during breast-conserving surgeries.
Perimeter Medical Imaging AI stock has traded in a range between $0.31 to $0.60 since July. Though the stock is up 6.25 per cent over those three months, it has lost 58.20 per cent since January.
8. Simply Solventless Concentrates Ltd. (TSXV:HASH) specializes in producing terpene-rich solventless cannabis concentrates. The company has reported consistent revenue growth and profitability. Its focus on high-quality, solventless products and strategic acquisitions positions it well in the competitive cannabis market.
The Calgary-based company recently closed the acquisition of ANC Inc., a leader in contract preroll manufacturing.
Simply Solventless Concentrates stock (TSXV:HASH) has traded in a range between $0.35 to $0.73 since July, where it has jumped 112.50 per cent over the course of those three months. Year-to-date, the stock has soared 353.33 per cent.
7. Simply Better Brands Corp. (TSXV:SBBC) operates in the plant-based and wellness consumer product sectors. The company’s diverse product portfolio includes CBD products, plant-based foods, and skincare items. Simply Better Brands has seen impressive stock performance, driven by its strategic market expansions and strong sales growth.
The Vancouver-based company announced further distribution expansion of its TRUBAR product in the convenience channel with the addition of more than 25 regional store brands operating under one of the largest convenience store chains in the United States.
Simply Better Brands stock (TSXV:SBBC) has traded in a range between $0.53 to $0.72 since July. Though SBBC stock has lost more than 2 per cent in that time, it has rallied more than 200 per cent this year.
6. HLS Therapeutics Inc. (TSX:HLS) specializes in central nervous system and cardiovascular markets. The company has a robust portfolio, including Clozaril for schizophrenia and Vascepa for cardiovascular disease. Despite recent financial losses, HLS Therapeutics has a stable revenue stream and potential for long-term growth, supported by its strategic acquisitions and product launches. Its Q2 2024 revenue increased 9 per cent to C$14.1 million.
HLS Therapeutics stock (TSX:HLS) has traded in a range between C$3.01 to C$3.99 since July and has risen more than 20 per cent since then, though it has faded 1.52 per cent since January.
5. Hydreight Technologies Inc. (TSXV:NURS) provides mobile health and wellness services through its proprietary app. The company has shown significant revenue growth and has expanded its service offerings across the United States. Hydreight’s innovative business model and strong market presence make it an attractive investment in the health-tech space.
In mid-October, Hydreight reported record topline revenue of C$10.46 million in the first six months of 2024.
Hydreight Technologies stock (TSXV:NURS) has traded in a range between $0.20 to $0.50 since July and has climbed 52.54 per cent higher in that time, though the stock has been flat overall since January.
4. Oncolytics Biotech (TSX:ONC) is a clinical-stage biopharmaceutical company developing immunotherapies for cancer treatment. Its lead product, Pelareorep, is in advanced clinical trials for breast and pancreatic cancers. Oncolytics’ collaborations with major pharmaceutical companies and positive clinical data have driven its stock performance, making it a promising candidate for investors.
A popular stock among Bullboard users, the Calgary-based company recently revealed promising results from its Phase 2 study evaluating its Pelareorep-based therapy in patients with advanced or metastatic breast cancer.
Oncolytics Biotech stock has traded in a range between C$1.18 and C$1.91 since July, climbing 18.44 per cent in that time, though it has lost 6.70 per cent since the year began.
3. Arch Biopartners Inc. (TSXV:ARCH) focuses on developing innovative therapies for inflammation and organ injuries. The company’s lead candidate, LSALT peptide, is in Phase 2 clinical trials for treating acute kidney injury. In September, the company announced it had received approval to launch the second phase of its LSALT peptide trial targeting the prevention and treatment of cardiac surgery-associated acute kidney injury. Arch Biopartners’ strategic focus on high-impact therapeutic areas and its strong clinical pipeline position it well for future growth.
Arch Biopartners stock (TSXV:ARCH) has traded in a range between $1.41 and C$2.14 since July, up 31.13 per cent over the past three months and 33.78 higher since the beginning of the year.
2. Medicus Pharma Ltd. (TSXV:MDCX) is involved in developing and commercializing pharmaceutical products. The company’s stock has experienced substantial growth, driven by its strong pipeline and strategic partnerships. The company is currently engaged in the Phase 2 trial of SKNJCT-003 for the treatment of Nodular Basal Cell Carcinoma in adults.
Medicus Pharma’s focus on innovative drug delivery systems and niche therapeutic areas makes it a compelling investment opportunity.
Medicus Pharma stock (TSXV:MDCX) has traded in a range between C$2.08 and C$3.70 since July and has risen more than 65 per cent during that time, up 74.50 per cent since the year started.
1. Satellos Bioscience Inc. (TSX:MSCL) focuses on regenerative therapeutics for degenerative muscle diseases. The company has shown promising results in its preclinical and early clinical trials, particularly with its lead program targeting Duchenne muscular dystrophy. Satellos’ stock has performed well over the past year, reflecting investor confidence in its innovative approach to muscle regeneration.
The company took the stage in mid-October to present an overview of key data collected during the open-label pilot study of SAT-3247 in a canine model of Duchenne muscular dystrophy.
Satellos Bioscience stock (TSX:MSCL) has traded in a range between $0.49 to $0.80 since July and has risen more than 41 per cent in that time.
Take 10 of these and call me in the morning
Investing in healthcare stocks requires careful consideration of each company’s financial health, market position and growth prospects. The 10 companies highlighted in this article offer diverse opportunities across various segments of the healthcare sector.
However, investors should conduct thorough due diligence and consider their risk tolerance before making investment decisions. Consulting with a financial advisor can also provide valuable insights tailored to individual investment goals.
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(Top image generated with AI)
