Check Out These Top Biotech Stocks In The Stock Market Now
Biotech stocks have remained relevant in the stock market even in challenging times. This is because each stage and interim progress along the way can act as a catalyst for biotech stocks. Any positive update can lead to a boost in its stock price while a negative outcome could also be detrimental to biotech stocks. As we all know, the COVID-19 pandemic has caused countless deaths globally. That said, with every crisis, new opportunities arise. Many companies that dived into the research and development of the COVID-19 vaccine have shown significant gains since the onset of the pandemic.
The World Health Organization reported on Monday that cases are still rising globally for the fourth consecutive week. Also, the death count rose after 10 weeks of decline. This is largely driven by the highly contagious delta variant. Now, there are even reports of lambda variants arising especially in the South American region. Recently, Johnson & Johnson’s (NYSE: JNJ) vaccine was again reported to be linked to side effects. Thus, companies such as Novavax, Inc (NASDAQ: NVAX) that are inching closer to gaining authorization for its COVID-19 vaccine could be back in focus. With all said and done, do you have a list of the top biotech stocks to watch in the stock market today?
Top Biotech Stocks For Your Watchlist Now
- Moderna Inc (NASDAQ: MRNA)
- AstraZeneca plc (NASDAQ: AZN)
- Novo Nordisk A/S (NYSE: NVO)
- Incyte Corporation (NASDAQ: INCY)
Moderna Inc
First, we have one of the household names in the biotech space, Moderna. For those unfamiliar, the company develops therapeutics and vaccines based on its messenger RNA. Its therapeutics and vaccine development programs span infectious diseases, oncology, cardiovascular diseases, and rare genetic diseases. The company’s COVID-19 vaccine has one of the highest efficacy rates and this is significant as the pandemic is still rampant globally. MRNA stock has been on a tear over the past year. The company’s stock has risen over 200% during this period.
On Monday, the company announced a supply agreement signed with Argentina’s government for 20 million Moderna’s COVID-19 vaccine doses. It also stated that its updated variant booster vaccine candidate will be rolled out too if authorized. The delivery will commence in the first quarter of 2022. With various companies coming up with vaccines to combat the virus, Moderna remains one of the top vaccines on most country’s lists.
Moreover, it has also been announced the first participants have been dosed in the Phase 1/2 study of mRNA-1010, the company’s quadrivalent seasonal influenza mRNA vaccine candidate. This will evaluate the safety, reactogenicity, and immunogenicity of mRNA-1010 in healthy adults 18 years and older in the U.S. Once approved, the company hopes that it would be an important component to its combination respiratory vaccines. After all, one of the advantages of mRNA vaccines includes the ability to combine different antigens to protect against multiple viruses. Given these developments surrounding the biotech giant, would MRNA stock make your watchlist?
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AstraZeneca plc
Following that, we have another biopharmaceutical company known for its COVID-19 vaccine, AstraZeneca. Besides that, it also focuses on three main therapy areas: Oncology, Cardiovascular, Renal & Metabolic (CVRM), and Respiratory. AZN stock is yet another one that has been steadily rising this year. It is showing gains of over 15% since the start of the year.
Last week, F-star Therapeutics, Inc (NASDAQ: FSTX) announced that it has entered into an exclusive licensing agreement with AstraZeneca. According to the agreement, AstraZeneca will have global rights to research, develop, and commercialize next-generation Stimulator of Interferon Genes (STING) inhibitor compounds. STING is known to have a role in activating the innate immune system across a range of inflammatory and autoimmune diseases. With it, the company could potentially maximize the value of these compounds to benefit patients.
It doesn’t stop here, there is more exciting news this week. Yesterday, Britain’s competition watchdog cleared the deal for AstraZeneca’s $39 billion buyout of Alexion Pharmaceuticals, Inc (NASDAQ: ALXN). The merger is expected to close on July 21. Moving forward, this would boost the company’s expertise in immunology and rare diseases. With that in mind, would AZN stock be a top biotech to watch now?
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Novo Nordisk A/S
Novo Nordisk is a global healthcare company that primarily engages in diabetes care. The company also dwells in the discovery, development, manufacturing, and marketing of pharmaceutical products. Novo’s diabetes and obesity care segment covers insulin, GLP-1, other protein-related products, such as glucagon, protein-related delivery systems and needles, and oral anti-diabetic drugs.
On Monday, there was news that Novo will acquire Prothena Corporation’s (NASDAQ: PRTA) experimental heart therapy, PRX004. The deal is reported to be up to $1.23 billion. Novo said it would focus on developing PRX004 for ATTR cardiomyopathy, a potentially fatal form of the disease characterized by a build-up of amyloid deposits in cardiac tissue. So, the company could continue to build on the reported early-stage trial that yielded positive data.
Well, this goes in line with Novo’s strategy to diversify its core insulin portfolio that has been facing steep competition. This has then led the company to turn toward newer diabetes and obesity drugs to revive growth. It is worth remembering that the Danish firm expanded into cardiovascular treatments by acquiring Corvidia Therapeutics for $2.1 billion last year. With all these in mind, would NVO stock be a viable investment long term?
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Incyte Corporation
Last but not least, we have Incyte Corporation. The biopharmaceutical company focuses on the discovery, development, and commercialization of therapeutics. Its portfolio includes commercialized products such as JAKAFI (ruxolitinib), Pemazyre (pemigatinib), Iclusig (ponatinib), and Monjuvi (tafasitamab-cxix).
In June, the company along with MorphoSys AG (NASDAQ: MOR) announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending the conditional marketing authorization of tafasitamab in combination with lenalidomide, followed by tafasitamab monotherapy. Hopefully, this would address an urgent unmet medical need for the 30-40% of patients that relapsed or refractory diffuse large B-cell transplantation who do not respond to initial therapy. The drug has already received the U.S. FDA’s approval back in July 2020.
Furthermore, Incyte announced today that The New England Journal of Medicine has published the positive data from its Phase 3 REACH3 study. The data demonstrate that treatment with Jakafi (ruxolitinib) resulted in significantly improved outcomes in patients with steroid-refractory or steroid-dependent chronic graft-versus-host disease (GVHD) as compared to the best available therapy (BAT). Hence, potentially reducing the serious complications associated with chronic GVHD. Given all these, would you be keeping tabs on INCY stock?
