Former Vice President Joe Biden's presidential campaign is giving hospital, managed care and pharmaceutical stocks a boost, CNBC's Jim Cramer said May 20.
Compared to other Democratic presidential candidates like Sens. Bernie Sanders, Vt., Elizabeth Warren, Mass., or Kamala Harris, Calif., Mr. Biden doesn't support "Medicare for All" policies, according to the report.
Since Mr. Biden entered the race and became a frontrunner, "Overnight, it became safe to own the managed care stocks again. Don't worry, it's not too late. The political risk was most reduced," Mr. Cramer said.
He added that investors should consider buying Centene and CVS Health stocks on the "Biden effect," as well as stocks of Nashville, Tenn.-based HCA Healthcare and pharmaceutical companies.
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