Do You Have These Top Biotech Stocks On Your Watchlist?
Depending on your investment appetite, the stock market offers various types of opportunities. Biotech stocks have a reputation for being a high-risk, high-reward sector to invest in. This is an industry that includes companies that develop drugs and diagnostic technologies for the treatment of diseases and medical conditions. No matter the sentiment of the stock market, biotech stocks will always be on the radar of investors. For those new to the sector, you may wonder why.
Well, the reason is quite simple. It is that top biotech stocks have arguably the highest potential to bring you quick huge profits. After all, the industry often has interesting developments. In fact, a few decades ago, many diseases such as HIV and cancers were considered death sentences. Today, innovation in the biotech industry has changed the way these diseases are treated. That instills hope in many patients suffering from these fatal conditions.
For instance, Myovant Sciences (NYSE: MYOV) and Accord Healthcare announced an exclusive license agreement on Tuesday. This will allow Accord to commercialize relugolix for the treatment of advanced hormone-sensitive prostate cancer under the trade name of ORGOVYX in multiple areas in Europe. On top of that, Praxis Precision (NASDAQ: PRAX) also announced positive topline results from Part B of its Phase 2a study evaluating the safety and efficacy of PRAX-944 for the treatment of essential tremor. Looking at the larger picture, the biotech sector has come a long way and will likely continue to grow. With that in mind, here are four of the top biotech stocks to watch in the stock market today.
Biotech Stocks To Buy [Or Sell] Today
- Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN)
- Intra-Cellular Therapies Inc (NASDAQ: ITCI)
- Seagen Inc (NASDAQ: SGEN)
- FibroGen Inc (NASDAQ: FGEN)
Biohaven has been dominating the headlines in the biotech industry this week. For those unaware, this is a commercial-stage biopharmaceutical company. It has a portfolio of therapies to improve the lives of patients with debilitating neurological and neuropsychiatric diseases. This past week, the company announced its first-quarter earnings report and along with it, an announcement of a definitive agreement under which Pfizer (NYSE: PFE) will acquire Biohaven. As a result, BHVN soared by over 50% within the past week.
Under the terms of the agreement, Pfizer will acquire all remaining outstanding shares of Biohaven for $148.5 per share in cash. Safe to say, this acquisition is a testament to Biohaven’s market leadership in migraine therapy through its NURTEC ODT. The company believes that Pfizer will accelerate its mission to deliver its migraine medicines to even more patients. Additionally, a new company will retain other pipeline products that are not part of the Pfizer deal. This would allow the new company to focus more on its innovative pipeline for neurological and other disorders. With that said, should you be watching BHVN stock?
Another biotech company making waves recently is Intra-Cellular Therapies. By and large, the company specializes in small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders. The company’s CAPLYTA is a prescription medicine for the treatment of schizophrenia in adults. In fact, two new dosage strengths of the drug were recently approved by the U.S. Food and Drug Administration (FDA) for the treatment of moderate or severe hepatic impairment. Patients can expect the new dosage to be available in pharmacies by the middle of 2022.
Furthermore, the company just announced its first-quarter financial update this past week. Although financial figures may not be the most accurate reflection of success by a biotech company, Intra-Cellular still made significant progress on these fronts. Its total revenue for the quarter was $35 million, more than double that for the same period last year. This is largely due to sales of CAPLYTA, whereby the drug contributed $34.8 million, up 36% compared to the previous quarter and 123% year-over-year. All in all, the robust adoption of the company’s principal product is indeed encouraging. Considering these factors, could ITCI stock be a top biotech stock to buy right now?
Seagen is a biotechnology company that develops and commercializes targeted therapies to treat cancer. Some of its notable programs include ADCETRIS and PADCEV which are based on its antibody-drug conjugate (ADC), technology that utilizes the targeting ability of monoclonal antibodies to deliver cell-killing agents directly to cancer cells. For most parts, oncology is still deemed as an unmet medical need. Hence, investors eyeing the sector may have SGEN stock on their radars.
Late last month, Seagen announced its first-quarter financials and provided meaningful updates on its diverse oncology pipelines. Its net product sales increased to $383 million, representing an increase of 27% compared to the prior year’s quarter. This reflects the overall growth across its portfolio of approved products. Additionally, the European Commission also approved PADCEV for previously treated metastatic urothelial cancer last month. All in all, there are many reasons for optimism around Seagen right now. So, would you consider adding SGEN stock to your portfolio?
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Last but not least, let us look at FibroGen. In detail, the company discovers, develops, and commercializes therapeutics for serious unmet medical needs. It is currently developing Roxadustat, an oral small-molecule inhibitor of hypoxia-inducible factor prolyl hydroxylases, which has completed Phase III clinical development for the treatment of anemia in chronic kidney disease. Besides that, the company also recently announced the completion of patient enrollment for ZEPHYRUS-1, the first of two Phase 3 clinical studies of pamrevlumab in patients with idiopathic pulmonary fibrosis (IPF).
For the uninitiated, Pamrevlumab is an antibody that inhibits the activity of connective tissue growth factors. These are commonly found in fibrotic and proliferative disorders where persistent scarring can lead to organ failure. Therefore, this latest development brings the company closer to delivering evidence that pamrevlumab can provide clinical benefits for the treatment of IPF and other fibrotic disorders. Not to mention, FibroGen provided its first-quarter financials on Tuesday. The company was able to grow its revenue to $60.8 million, up 58% year-over-year. All things considered, do you see brighter days ahead for FGEN stock?
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