Are These Top Biotech Stocks Worth Buying This Week?
When considering which stocks to invest in amidst current stock market conditions, most would look towards the health care sector. Among biotech stocks, one subsection, in particular, continues to make headlines. That is the biotech industry. Through cutting-edge tech and constant innovation in the sector, many of today’s medical marvels are made possible. All of this would include the current coronavirus vaccines in use today. On that note, the World Health Organization (WHO) recently noted that the coronavirus is likely “here to stay with us”. All this would further highlight the top biotech stocks in the space now. While most would be familiar with vaccine companies today, other biotech giants continue to make moves as well.
Namely, global biopharma giant Sanofi (NASDAQ: SNY) is now planning to acquire U.S-based biotech firm Kadmon (NASDAQ: KDMN). Through a $1.9 billion transaction, Sanofi aims to grow its “General Medicines” division. Notably, Kadmon’s Rezurock treatment for chronic graft-versus-host disease would significantly improve Sanofi’s transplant-related business. On top of all that, Kadmon is also currently working on drug candidates for immune and fibrotic diseases, and immuno-oncology therapies. This is but one instance of the booming global health care industry today. Should all this have you interested in investing in the best biotech stocks now, here are four making headlines in the stock market today.
Best Biotech Stocks To Buy [Or Sell] Today
- Surrozen Inc. (NASDAQ: SRZN)
- Moderna Inc. (NASDAQ: MRNA)
- Acumen Pharmaceuticals Inc. (NASDAQ: ABOS)
- Candel Therapeutics Inc. (NASDAQ: CADL)
Surrozen Inc.
First up, we have Surrozen, a biotech company that discovers and develops drug candidates to selectively modulate the Wnt pathway. Furthermore, Wnt signaling plays a key role in the control of many essential organs and tissues, and modulating the Wnt signaling has the potential to treat many degenerative diseases and tissue injuries. SRZN stock has been up by over 25% since the start of the week and currently trades at $9.75 apiece as of 10:45 a.m. ET. Investors seem to be responding to recent coverage by investment bank Stifel (NYSE: SF) that has initiated its buy rating and has set a price target of $19 per share.
In July, the company announced new data demonstrating superior activity of its SZN-1326 in preclinical inflammatory bowel disease (IBD) models. SZN-1326, a Wnt agonist, improved epithelial healing and ameliorated colitis. Ultimately it also demonstrated beneficial activity compared to other therapeutics currently used for the treatment of IBD. All signs could point toward clinical investigation for the company’s therapeutic program in 2022. All things considered, will you add SRZN stock to your portfolio of biotech stocks right now?
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Moderna Inc.
Next up, we have Moderna, a company that focuses on vaccine technologies based on messenger RNA (mRNA). The company has gotten a lot of attention ever since the pandemic started in late 2019. Its revolutionary vaccine development platform has given it a broad intellectual property portfolio in areas like infectious diseases, immuno-oncology, and cardiovascular diseases among others.
MRNA stock currently trades at $420.40 as of 10:45 a.m. ET and is up by over 250% year-to-date. Last week, the company announced that it had submitted data to the European Medicines Agency (EMA) for its coronavirus vaccine booster for conditional marketing approval (CMA).
Today, the company announced an agreement with National Resilience to manufacture mRNA for its coronavirus vaccine. Under the terms of the multi-year agreement, National Resilience will produce mRNA for Moderna at its facility in Ontario, Canada for distribution worldwide. “Moderna’s COVID-19 vaccine has saved countless lives, and we’re excited to manufacture mRNA for this important vaccine,” said Rahul Singhvi, Sc.D, Chief Executive Officer of Resilience. “This collaboration has the potential to ensure more people are protected around the world from the deadly COVID-19 virus.” Given this exciting piece of news, will you buy MRNA stock?
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Acumen Pharmaceuticals Inc.
Acumen Pharmaceuticals is a company that leverages decades of learnings to deliver treatments that can impact those affected by Alzheimer’s Disease (AD). Given how AD currently affects over 6 million people in the U.S. alone, it is now the sixth-leading cause of death in the U.S. Also, it is likely to continue rising in the absence of more efficacious treatments. ABOS stock currently trades at $18.28 as of 10:46 a.m. ET and is up by over 19% in the past month alone.
Last month, the company reported its second-quarter financials and business highlights. Notably, Acumen’s investigational drug, ACU193, the first humanized monoclonal antibody discovered and developed to selectively target toxic amyloid-beta oligomers, will be entering clinical trials. It also initiated ACU-001, a multi-center, randomized, double-blind Phase 1 clinical trial of ACU193 in patients with early AD. The company had also closed its IPO in July, and the net proceeds of the IPO had resulted in Acumen with more than $235 million in cash and cash equivalents in early July. With that being said, do you think it is worth buying ABOS stock right now?
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Candel Therapeutics Inc.
Candel Therapeutics is a late-stage clinical biopharmaceutical firm that focuses on developing cancer treatments. Specifically, Candel specializes in employing oncolytic viral immunotherapies to do so. Simply put, the company uses engineered viruses to treat cancer patients at the cellular level. As it stands, CADL stock currently trades at $11.53 as of 10:46 a.m. ET. This would be after gaining by a whopping 30% this week.
For the most part, the current hype around the company’s shares would be thanks to its latest operational update. In brief, Candel has completed patient enrollment for phase 3 trials of its prostate cancer treatment, CAN-2409. According to CEO Dr. Paul Tak, the treatment in combination with radiation therapy creates an “immune-stimulatory environment”.
Subsequently, this activates the body’s immune system, allowing it to recognize and destroy cancer cells. Should things go as planned, Tak believes that CAN-2409 could improve disease outcomes for prostate cancer patients. While the news is exciting, time will tell if Candel can make the most of it. Would all this make CADL stock a long-term stock to invest in for you?
