Best covid stocks to buy now

The latest variant of the coronavirus pandemic, Omicron, is wreaking havoc in the global stock markets. However, as some companies struggle with the adverse economic effects of the pandemic, a few could gain significantly from the products they have created to mitigate the pandemic.

Regeneron Pharmaceuticals

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) is famous for the development of monoclonal antibody treatments. The company’s latest product in the fight against coronavirus seeks to treat and prevent the spread of the pandemic.

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Although it faced a few drawbacks in the US after the government paused the allocation of Regeneron and Eli Lilly And Co. (NYSE:LLY) Covid-19 antibodies, it has gained another milestone after the Swiss regulator approved the Roche-Regeneron Covid-19 drug.

Swissmedic gave the green light to the monoclonal antibody cocktail Ronapreve developed by the two companies to treat and prevent Covid-19.

Technically, Regeneron shares seem to be trading within a sideways channel formation in the intraday chart. However, the stock recently bounced off the trendline support to surge above the 100-day moving average.

Therefore, with shares still far from reaching overbought conditions, investors could target extended gains at about $658.94, or higher at $683.42, while $615.23 and $590.26 are support levels.

Novavax

Novavax Inc. (NASDAQ:NVAX) has had its Covid-19 vaccine for emergency use approved by both the World Health Organisation (W.H.O) and the European Union. The company is now looking forward to approval from the US Food and Drug Administration (FDA) and the Emergency Use Authorisation authority (EUA).

The stock trades at an attractive forward P/E ratio of 6.14 whilst offering earnings growth prospects of 416% next year.

Technically, Novavax shares seem to be trading within a gently ascending channel formation in the intraday chart. However, the stock recently pulled back to find the trendline support, creating an opportunity for a rebound.

Therefore, investors could target profits at about $193.81, or higher at $230.71, while $118.81 and $78.69 are support levels.

Abbott Laboratories

Abbott Laboratories (NYSE:ABT) opportunity in the pandemic era comes from its rapid antigen testing kit BinaxNow, which has been fully approved by the FDA to test for Covid-19.

Recently, the food and drug administration authority also said Abbott’s rapid covid-19 testing kit was able to test for the Omicron variant, the most transmissible variant of all.

Therefore, as mass testing becomes a priority globally, Abbott will continue to ship more test kits.

Technically, Abbott shares seem to be trading within an ascending channel formation in the intraday chart. As a result, the stock has surged into the overbought conditions of the 14-day RSI.

However, with shares still reasonably valued, Abbott investors could target profits at about $148.25, or higher at $154.93, while $133.22 and $125.83 are crucial support zones.

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