Healthcare stocks show their defensive allure in ailing market

By Lewis Krauskopf

   NEW YORK, April 2 (Reuters) - The coronavirus pandemic is throwing a spotlight on stocks in the U.S. healthcare sector, home to the companies that could develop treatments, vaccines and improved diagnostics needed to tackle the greatest public health crisis in a century.

   Healthcare has held up better than most S&P 500 sectors. Since the S&P 500 hit an all-time high on Feb. 19, healthcare is down about 18% as of Wednesday, while the benchmark index has tumbled 27%.

   The sector is typically considered a defensive area of the market because some investors believe consumers will continue buying healthcare products even during uncertain times.

   Shares of pharmaceutical and biotechnology companies have led the pack, including those working on potential treatments and other ways to address the rapidly spreading outbreak.

   In particular, shares of Regeneron Pharmaceuticals Inc  and Gilead Sciences Inc have risen 24% and 8%, respectively, since the S&P hit its peak.

   "A lot of these companies are working on a solution to the problem," said Walter Todd, chief investment officer with Greenwood Capital in South Carolina. "We can debate what it means to them ... monetarily, but perception-wise they are viewed as a safe haven because of that."

   Greenwood Capital in recent weeks bought shares of Regeneron and Roche Holding AG , a Swiss company that has diagnostics and a potential therapy for the new coronavirus.

   The purchases added to the firm's overweight position in healthcare, although it has pared its sector holdings during the recent outperformance, Todd said.

   Healthcare lagged the market's big gains in 2019. Institutional investors generally held a lower weighting in healthcare relative to benchmark indexes before the pandemic took hold this year, said Rebecca Chesworth, senior equities strategist at State Street Global Advisors.

   Healthcare "has been one of the most popular places to put money in the past couple of weeks,” she added.

   The sector recently traded at 12.9 times forward 12-month earnings estimates, compared to 14 times for the overall S&P 500, according to Refinitiv Datastream.

   Pharmaceutical and biotech stocks, including Eli Lilly and Co and Vertex Pharmaceuticals Inc , make up eight of the sector's top ten performers since Feb. 19, all of which have gained or fallen far less than the broader market.

   “In general, if you are on a drug, you are staying on that drug," said Teresa McRoberts, a portfolio manager who focuses on healthcare at Fred Alger Management. "So that part of their business is pretty safe.”

   Some areas of the sector have been hit hard by the vast ripple effects of the virus, particularly medical device companies dependent on elective procedures that are being delayed to preserve hospital capacity and resources for coronavirus patients. Shares of Zimmer Biomet Holdings  and Stryker Corp , which make knee and hip replacements, are down 44% and 36%, respectively, since Feb 19.

   Shares of hospital chain HCA Healthcare Inc have slumped 44% over that period as hospitals lose high-margin elective procedures and cope with severe disruption from the influx of coronavirus patients, said Jeff Jonas, healthcare portfolio manager with Gabelli Funds.

   Jonas, however, believes those areas could be quicker to recover than other parts of the economy when the pandemic recedes.

   "You're going to be more nervous about getting on a plane, staying in a hotel, going out to dinner in the aftermath of this then you are about going back to see your doctor or to get a procedure done,” he said.

(Reporting by Lewis Krauskopf; Editing by Ira Iosebashvili and

Bill Berkrot)

((lewis.krauskopf@thomsonreuters.com; 646-223-6082; Reuters

Messaging: lewis.krauskopf.thomsonreuters.com@reuters.net,

Twitter: @LKrauskopf)

�篖ewis Krauskopf

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特�员曜计斩锏阶罡叩阋岳矗琑egeneron制药公司和Gilead Sciences公司的股价分�橇�24%和8%。

“许多这些公司都在努力解�猓蹦峡蘩衬芍莞榈伦时�(Greenwood Capital)首席投资官沃尔特·托德(Walter Todd)表示。“我们可以辩论它对他们意味着什么.�系模痈兄辖玻且皇游桓谋芊绺邸！�

�榈伦时�(Greenwood Capital)最近几周收购了Regeneron和罗氏控股公司(Roche Holding AG)的股票，这是一家�荆哂姓锒虾椭瘟菩鹿谧床《镜那绷Α�

托德说，这些收购�烁霉驹谝搅票＝×煊氐匚唬还霉驹谧罱谋硐种幸丫烁貌棵诺墓煞荨�

医疗保健在2019年落�谐〉拇５栏蝗�(StateStreetGlobalAdvisors)高级股票策略师�āで兴刮炙�(Rebecca Chesworth)表示，机构投资者在医疗保健方面的权重通常低于�咔楸⑶暗幕�

她补充道，医疗保健“是过去几周最受欢迎的投资场所之一”。

Refinitiv Datastream的数据显示，该行业最近的预期市盈率为12.9倍，而标准普尔500指数为14倍。

自2月19日以来，医药和生物技�ɡ�(Eli Lilly And Co)和Vertex制药公司(Vertex Medicine Inc.)，在该行业十�种姓剂�8只，所有股票的涨跌幅度都远低于整体市场。

弗雷德·阿尔�砉�(Fred Alger Management)负�票＝〉耐蹲首楹暇硖乩偕ぢ薏�(Teresa McRoberts)说，“一般来说，如果你在吸毒，你就会继续服用这种药物。所以，他们的部分业�卑踩！�

该行业的一些地区受到了病毒的巨�从Φ难现卮乇览笛≡绦搅破荆庑┏绦瞥伲晕忠皆旱娜萘亢臀谧床《净颊咛峁┑淖试础Ｗ�2月19日以来，生产膝盖和节置换产品的Zimmer Biomet Holdings和Stryker Corp的股价分��44%和36%。

加布里利基�搅仆蹲首楹暇斫芊悄伤�(JeffJonas)说，在此期间，医院连锁店HCA医疗保健公司(HCA Healthcare Inc.)股价下跌44%，原�皆菏チ烁呃难≡质⒂Χ怨谧床《净颊哂咳氲难现馗扇拧�

然而，乔纳斯认为，当疫情消退时，这些地区的复苏速度可能比其他地区更快。

他说：“在这之�慊岣咏刈戏苫≡诰频辏苑梗缓タ匆缴质�

(Lewis Krauskopf报道；Ira Iosebashvili和Ira Iosebashvili编辑

(比尔·伯克罗)

(电子邮件：lewis.krauskopf@thomsonreuters.com；646-223-6082；路透社)

消息传递：lewis.krauskopf.thomsonreuters.com@reuters.net，

推特：@LKrauskopf)

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