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3 Coronavirus Stocks To Watch After Gilead Secures FDA Approval For Remdesivir

Gilead’s Remdesivir news renewed interest among coronavirus stocks.

Are These The Best Coronavirus Stocks To Buy Now?

Coronavirus stocks have been a trending topic to watch in the stock market this year. With the resurgence of coronavirus cases globally, it’s comforting to know Gilead Sciences’ (GILD Stock Report) remdesivir has gotten approval from the Food and Drug Administration (FDA) on Thursday as a treatment for the coronavirus. Right after the announcement, GILD stock was up more than 5% in after-hours trading.

“Since the beginning of the COVID-19 pandemic, Gilead has worked relentlessly to help find solutions to this global health crisis,”…“It is incredible to be in the position today, less than one year since the earliest case reports of the disease now known as COVID-19, of having an FDA-approved treatment in the U.S. that is available for all appropriate patients in need.”–   Daniel O’Day, Gilead CEO

Just to be clear, there is a lot of hype about this sector. While it may be excellent news for GILD stock investors, a study coordinated by the World Health Organization (WHO) had indicated that the drug had “little or no effect” on reducing the mortality rate. Still, it has shown to be modestly effective in reducing the recovery time for some hospitalized patients. So, you be the judge. 

Coronavirus Stocks On The Rise Amid News From Gilead

We have previously discussed how coronavirus stocks have been having breakouts overnight, This is common among biotech stocks. One of the classic examples is Novavax Inc. (NVAX Stock Report), where the stock skyrocketed nearly 2,000% year-to-date. Given such an impressive feat, you can’t blame investors for trying to look for the best coronavirus stocks to buy in the stock market today. This investment thesis centered around potential vaccines, treatments, and testing kits related to COVID-19. 

Many experts believe that the prospects for bigger returns in the future are not diminished yet. In fact, many are bullish that the clinical trials over the coming months could drive top coronavirus stocks higher. After all, without vaccines and the right treatments to put an end to the coronavirus pandemic, the global economy will continue to be subdued. With that in mind, do you have this list of coronavirus stocks that could potentially bring you outsized gains?

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Coronavirus Stocks To Watch: Abbott Laboratories

Abbott Laboratories (ABT Stock Report) has been the poster child for coronavirus testing. While Abbott does develop plenty of therapeutic drugs, its tests are what make it worth watching right now. Abbott has products in every segment of the testing market, including rapid tests, multiplexable diagnostic tests, and antibody tests. The company’s business continues to thrive largely due to the COVID-19 pandemic.

The diagnostic tests company reported its third-quarter revenue of $8.9 billion. This is a 9.6% increase from the revenue of $8.1 billion generated in the same period last year. More importantly, the net income reported was $1.2 billion. In short, the company crushed most, if not all analysts estimates on Wall Street this quarter.

CEO Robert Ford said that Abbott’s “new product pipeline continues to be highly productive, and we’re well-positioned to finish the year with a lot of momentum.” Abbott’s COVID-19 diagnostics tests have certainly set the standards. The BinaxNOW COVID-19 Antigen Card diagnostics test is a low cost, fast, and accurate. It is already making big waves in the COVID-19 testing arena. This could drive Abbott’s revenue even higher than its current impressive figures. With all these positives in mind, is ABT stock a worthwhile coronavirus stock to consider? 

Coronavirus Stocks To Watch: Pfizer Inc

Pfizer (PFE Stock Report) is jointly developing a coronavirus vaccine with BioNTech (BNTX Stock Report). With its massive pipeline of drugs, there’s no reason not to include PFE stock on the watchlist especially when the drugmaker is due to make an announcement before November. Could this vaccine be the next in line to receive FDA approval?

The partnership revealed that their leading coronavirus vaccine candidate, BNT162b2, is on track to be the first to find out if its COVID-19 vaccine works soon. And the anticipation of the news is certainly keeping PFE stock investors on the edges of their seats. The partnership appears to be the first among the contenders in the vaccine race.

If the vaccine wins the approval of regulators, Pfizer and BioNTech have said that they could supply up to 100 million doses by the end of this year. That’s enough to vaccinate 50 million people. In the following year, the duo could supply another 1.3 billion doses of the vaccine. Should all go well as planned, PFE stock would receive another boost in its stock price. On the flip side, in the event where the vaccine fails to produce strong data, it probably wouldn’t result in the free-falling of PFE stock. With this in mind, would you buy PFE stock today?

[Read More] Are These The Best EV Stocks To Buy Now After Tesla’s Earnings?

Coronavirus Stocks To Watch: Sorrento Therapeutics

The mere mention of the COVID-19 vaccine has created considerable interest in Sorrento Therapeutics (SRNE Stock Report). The company’s coronavirus vaccine candidate, Abivertinib will be entering phase 2 testing in Brazil. There’s also a great chance where the company could announce favorable trial results for abivertinib within the next several weeks. From the way I see it, it’s highly likely given the fact that it has already been tested on about 600 cancer patients. If the drug wasn’t found to be safe in those patients, Sorrento probably wouldn’t have licensed it. Should it proceed as planned, you could potentially see a rebound in SRNE stock.

“By targeting some of the geographies currently most impacted by COVID-19, we are able to implement a synergistic program to answer questions about safety and efficacy of our drug candidates in helping patients, while potentially accelerating enrollment timelines, reducing overall cost and opening up collaboration opportunities with local companies,” Sorrento quoted CEO Henry Ji as saying.

With the recent pullback in SRNE stock, is it worth buying right now? Sorrento has certainly made its presence felt with its work on the COVID-19 vaccine. But of course, it is not quite in the leading positions. Does that mean that the stock has gotten ahead of itself? Your guess is as good as mine. The good thing is, besides its COVID-19 programs, it also has a number of oncology and pain programs in the pipeline. As such, Sorrento has the potential to shine in more ways than you might have initially thought. The question is, would you be willing to stomach the potential volatility? 

By Amos C

Amos is the global markets correspondent for StockMarket.com. His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

Amos has a deep-rooted background in foreign exchange and commodities. His previous experience working within the cryptocurrency arena has given him the advantage to identify the fast-moving stock market and financial trends. Amos calls Hong Kong home and has been a financial content writer for the last 3 years.

He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings StockMarket.com a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

Most of the time you can find him diving into corporate filings, focusing on fundamentals that could influence major market moves. One of his passions is researching technology and biotechnology stocks. Some of the most cutting-edge innovations have stemmed from these industries. While many don’t become industry blockbusters, the processes and applications of these innovations has led to some of the biggest developments known to man in the modern age. As a global correspondent, Amos has been able to see both sides of the story as it relates to world news and offers a true, personal approach, cutting through the noise of the mass media. He was integral in reporting on the Hong Kong uprising and doing first-hand research on international sentiment from the novel coronavirus.

In his free time, Amos is an avid fan of music and art and enjoys attending concerts.

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