5 Top Biotech Stocks To Watch Today
The stock market offers plenty of opportunities for investors. Some industries would still catch the attention of investors regardless of the broader market sentiment. A prime example would be biotech stocks. Now, why is that so? For starters, this is a high-risk, high-reward industry. Biotech stocks’ performance would often rely on clinical trials and regulatory approvals. A positive result would likely send the stock sky-high, while an underwhelming one may cause a dent in the stock. What’s more, the industry often has interesting developments.
For example, Seagen Inc. (NASDAQ: SGEN) and Astellas Pharma announced that the European Commission has approved PADCEV™ as a monotherapy for the treatment of adult patients with locally advanced or metastatic urothelial cancer. This approval is only possible after positive data from its global phase 3 EV-301 trial. Elsewhere, Regeneron (NASDAQ: REGN) and Sanofi (NASDAQ: SNY) also recently announced that the European Commission has expanded the marketing authorization for Dupixent. Hence, the drug is now approved in children aged 6 to 11 years as an add-on maintenance treatment for severe asthma with type 2 inflammation. Overall, biotech stocks may not fit everyone’s investing appetite. However, with proper due diligence, it could be a lucrative sector to invest in. Here are some of the top biotech stocks to watch in the stock market today.
Biotech Stocks To Watch Right Now
- Turning Point Therapeutics Inc (NASDAQ: TPTX)
- Sierra Oncology Inc (NASDAQ: SRRA)
- AbbVie Inc (NYSE: ABBV)
- Halozyme Therapeutics, Inc. (NASDAQ: HALO)
- Crinetics Pharmaceuticals Inc (NASDAQ: CRNX)
Turning Point Therapeutics
Firstly, we have the clinical-stage biopharmaceutical company, Turning Point Therapeutics. Essentially, the company engages in the design and development of therapies that target genetic drivers of cancer. Its macrocycle platform is used to design its pipeline of small, compact tyrosine kinase inhibitors (TKIs). Lately, TPTX stock has been showing signs of promise, rising more than 25% over the past month. Now, its recent positive developments are likely one of the contributing factors.
Earlier this week, the company announced positive topline results from the registrational TRIDENT-1 study across all four ROS1-positive advanced non-small cell lung cancer (NSCLC) cohorts. In a total of 71 TKI-naive patients, there was a confirmed objective response rate of 79%. Meanwhile, for those with approximately 10 months of follow-up, the initial estimated durability of response and progression-free survival is 85% and 82% at 12-month landmarks respectively. All in all, the company is confident that its repotrectinib will potentially be the best-in-class drug candidate for patients with ROS1-positive advanced NSCLC. Considering that, should you add TPTX stock to your watchlist?
Sierra Oncology
Another trending biotech company today is Sierra. In detail, this is a late-stage drug development company that focuses on advancing targeted therapeutics. For most parts, it targets the treatment of patients with unmet medical needs in hematology and oncology. The company is also developing a portfolio of deoxyribonucleic acid damage response assets, consisting of SRA737 and SRA141. Investors following the industry would notice that SRRA stock soared by 38.54% on Wednesday’s closing bell.
Well, this spike is largely driven by the recent announcement made by Sierra and GlaxoSmithKline (NYSE: GSK). Both companies have entered into an agreement under which GSK will acquire Sierra Oncology for $55 per share of common stock in cash. GSK believes that this will be the best opportunity for Sierra to realize its potential of delivering targeted therapies while providing value to its stockholders. As such, will you be watching SRRA stock?
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AbbVie
AbbVie is among the leading research-based biopharmaceutical companies. Its mission is to discover and deliver innovative medicines that would solve serious health issues today while addressing the medical challenges of tomorrow. The company offers its products in various therapeutic categories, including Immunology, Oncology, Aesthetics, and many more. ABBV stock has had a decent start to the year, climbing more than 16% this year.
On Wednesday, the company along with Genmab (NASDAQ: GMAB) announced topline results for epcoritamab (DuoBody®-CD3xCD20) from the Phase 1/2 trial in patients with relapsed/refractory large B-cell lymphoma (LBCL). Based on this, both companies have agreed to engage global regulatory authorities. After all, there are approximately 150,000 new LBCL cases each year around the globe. Unfortunately, there are very few treatment options that are currently available. Thus, should this prove to be a success, it will be a huge boost for patients with these hematological malignancies. With that said, do you believe that ABBV stock will have more room to run?
Halozyme
Following that, we will be looking at the biopharma technology platform company, Halozyme. Unlike most biotech companies, Halozyme licenses its technology to other pharmaceutical companies to collaboratively develop products that combine its ENHANZE drug delivery technology with their compounds. For instance, its rHuPH20 lead enzyme is often used to facilitate the delivery of injected drugs and fluids. Well, Halozyme is yet another company that has announced an agreement of acquisition.
Recently, the company entered into a definitive agreement under which Halozyme will acquire Antares for $5.60 per share. The value of the transaction will be approximately $960 million and approval from both companies’ Board of Directors has been obtained. Overall, the acquisition makes sense as it will further strengthen Halozyme’s position as a leading drug delivery company. Specifically, with Antares’ best-in-class auto-injector platform and specialty commercial business. Given this exciting development, is HALO stock among the top biotech stocks to watch right now?
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Crinetics Pharmaceuticals
Finally, we have another clinical-stage pharmaceutical company, Crinetics Pharmaceuticals. The company’s primary focus is on therapeutics for rare endocrine diseases and endocrine-related tumors. Thus far, it has discovered a pipeline of oral nonpeptide chemical entities that target peptide G protein-coupled receptors to treat rare endocrine diseases. Despite trading sideways since the start of the year, CRNX stock has gained some momentum over the past month. The stock has risen more than 45% within the period.
By and large, this momentum can be attributed to its recent fourth-quarter and full-year 2021 business update. To say the least, 2021 was a transformative year for the company as it achieved multiple key milestones in its discovery and clinical programs. Furthermore, Crinetics also recently announced positive top-line results from its multiple-ascending dose (MAD) cohorts of healthy volunteers in a first-in-human Phase 1 clinical study of CRN04777. The results showed a rapid and sustained reduction in insulin secretion. Hence, Crinetics is confident that the company will be able to carry this momentum into 2022. All things considered, should CRNX stock have a spot on your biotech watchlist?
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