3 Top Biotech Stocks To Check Out Right Now
Like it or not, biotech stocks are becoming an increasingly viable play in the stock market today. By and large, this remains the case as the current coronavirus pandemic lit a fire under the industry. Namely, both seasoned and new investors alike likely learned more about how biotech firms work. Because of this, some of the top biotech stocks around would remain in focus now. Given the latest developments regarding the Omicron variant of the coronavirus, investors may not want to overlook the sector now.
As of earlier today, Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) provided a key update on their vaccine. Notably, a booster dose of the vaccine reportedly increases antibody protection 25-fold compared to the initial two-dose regimen. Thanks to the jump in protection, both firms note that it significantly guards against the Omicron variant. According to Pfizer CEO Albert Bourla, all of this is apparent from preliminary data. Additionally, he still highlights the role of a two-dose regimen in reducing the chances of contracting severe Covid side effects. Safe to say, this development could see investors eyeing both PFE stock and BNTX stock in the stock market now.
On top of all this, Pfizer is also making another push on the pandemic front today as well. Simply put, the company is now planning to submit an application to the U.S. FDA for its coronavirus treatment, Paxlovid. Based on Pfizer’s interim data, the oral antiviral pill reduced Covid hospitalizations and deaths by a whopping 89%. Given all of this news in the biotech space now, I can understand if investors are keen on biotech stocks. Should you fall under this category, here are three to consider in the current market.
Top Biotech Stocks For Your December 2021 Watchlist
Firstly, Prometheus Biosciences is a clinical-stage biotechnology company that focuses on a precision medicine approach for the discovery, development, and commercialization of novel therapeutics and companion diagnostic products. In essence, the company focuses on treating immune-mediated diseases, starting first with inflammatory bowel disease (IBD). RXDX stock currently trades at $33.08 as of 12:50 p.m. ET and is up by over 55% in the past 6 months.
On Tuesday, the company reported positive topline Phase 1 data on its lead therapeutic candidate, PRA023. It also announced that it is broadening its pipeline by adding a third indication for PRA023, Systemic Sclerosis-associated Interstitial Lung Disease, with the initiation of a Phase 2 clinical trial anticipated for the first quarter of 2022. “Our design objective for PRA023 was to develop a competitive anti-TL1A antibody,” said Mark McKenna, CEO, and Chairman of Prometheus Biosciences. “Our Phase 1 data suggest that we have exceeded that objective, and we strongly believe that PRA023 has the potential to be a best-in-class TL1A inhibitor to address immune-mediated diseases.”
Not to mention, Wells Fargo (NYSE: WFC) initiated coverage on the company. The firm hit RXDX stock with an Overweight rating. Investment bank Oppenheimer (NYSE: OPY) also recently upgraded RXDX stock from a Market Perform rating to an Outperform rating and upped their price objective for the company from $35 to $50 in a research note today. Given the excitement surrounding RXDX stock right now, will you consider investing in it?
Longeveron is a biotech stock that develops cellular therapies for aging-related and life-threatening conditions. Its lead investigational product is Lomecel-B, which is derived from culture-expanded medicinal signaling cells (MSCs). In detail, MSCs are sourced from the bone marrow of young healthy adult donors. Also, the company believes that by using the same cells that promote tissue repair and immune system function, it can develop safe and effective therapies for some of the most difficult diseases and conditions associated with aging. LGVN stock currently trades at $20.38 as of 12:51 p.m. ET and is up by over 450% in the past month alone.
On Monday, the company was granted Orphan Drug Designation (ODD) by the FDA for its Lomacel-B to treat infants with hypoplastic left heart syndrome. ODD serves to assist and encourage companies to develop effective therapies for the treatment of rare diseases or conditions. It may also result in the product receiving seven years of market exclusivity upon approval for use in the rare disease or condition that it is intended for.
Last month, the company also announced the selection of Biorasi LLC as its clinical research organization to help conduct its Phase 2 clinical trial evaluating Lomecel-B infusion in Alzheimer’s Disease (AD) subjects. Biorasi is an award-winning contract research organization that accelerates drug and device clinical development for life sciences companies around the world. The company has brought many innovative therapies to market by focusing on processes and technologies that move the industry forward. For these reasons, will you consider watching LGVN stock?
Last but not least, we have Biogen, a company that develops and delivers worldwide innovative therapies for people living with serious neurological and neurodegenerative diseases. Today, it has a leading portfolio of medicines to treat multiple sclerosis and has introduced the first approved treatment for spinal muscular atrophy. BIIB stock currently trades at $231.52 as of 12:51 p.m. ET.
Today, the company announced new data from its Landscape clinical program with Sage Therapeutics (NASDAQ: SAGE). The program evaluates the efficacy and safety of zuranolone for the treatment of major depressive disorder. Patients receiving zuranolone demonstrated rapid improvements in depressive and anxiety systems, as early as the first measured time point. It also demonstrated average improvements that were maintained through the end of the study. According to Biogen, Zuranolone demonstrates a consistent safety profile in the totality of clinical data to date. This is evident with there being no increased incidence of adverse events.
In November, the company was also granted marketing authorization by the European Commission for Vumerity to treat adults with relapsing-remitting multiple sclerosis (MS). Vumerity is a next-generation fumarate that offers the convenience of an oral medication with the established efficacy and well-characterized safety of Tecfidera. This life-changing treatment could positively affect the estimated 2.8 million people living with MS. With this piece of information, is BIIB stock worth adding to your watchlist?
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