As the first week of the third-quarter earnings season comes to a close, biotech stocks continue to gain traction in the stock market now. Namely, between talk of booster shots and health care giants reporting new drug findings, the industry remains active. This would be the case as the industry remains as crucial as ever in the fight against the pandemic and diseases in general. The industry consists of coronavirus vaccine developers such as Pfizer (NYSE: PFE) and Johnson & Johnson (NYSE: JNJ) and health care firms like Medtronic (NYSE: MDT). As such, there would be plenty of potential entry points for eager investors now.
Notably, the biggest story surrounding the industry now would be regarding Moderna’s (NASDAQ: MRNA) booster shot. In essence, an FDA advisory committee unanimously recommended the extra dose for at-risk adults. By extension, this includes people aged 65 and above as well as immunocompromised individuals. Overall, this would mark another significant step for the country’s immunization program. To put things into perspective, over 69 million more people are one step closer to receiving booster shots. Accordingly, MRNA stock could be in focus in the stock market today, even with year-to-date gains of over 195%. Having read all of this here are four biotech stocks to watch in the current market.Best Biotech Stocks To Buy [Or Sell] Today
- AstraZeneca (NASDAQ: AZN)
- 23AndMe Holding Company (NASDAQ: ME)
- Ocugen Inc. (NASDAQ: OCGN)
- Regeneron Pharmaceuticals Inc. (NASDAQ: REGN)
First up, we have AstraZeneca, a biotech company with two therapy-focused R&D organizations that drives pipeline. Oncology R&D is focused on developing treatment for cancers while its BioPharmaceuticals R&D focuses on cardiovascular, renal and metabolism, respiratory and immunology among others. Both organizations work independently and together, sharing functions specializing in key scientific capabilities. This ranges from medicinal chemistry and biometrics to patient safety data and artificial intelligence. AZN stock currently trades at $60.39 a piece as of 10:13 a.m. ET.
Today, the company reported positive results from a liver cancer drug trial. The results from its Himalaya Phase III trial showed a single, high priming dose of tremelimumab added to Imfinzi demonstrated a statistically significant and clinically meaningful overall survival for patients with unresectable hepatocellular carcinoma (HCC). Liver cancer, of which HCC is a common type, is the third leading cause of cancer death and sixth most commonly diagnosed cancer worldwide, with approximately 900,000 people diagnosed each year. Given this exciting piece of news, do you think AZN stock is a top biotech stock to consider adding to your portfolio?Source: TD Ameritrade TOS 23andMe Inc.
23andMe is a personal genomics and biotechnology company with headquarters in California. In essence, the company is a leading consumer genetics and research company. It provides a personalized health and wellness experience by helping people to access and understand the human genome. In fact, it has one of the world’s largest crowdsourced platforms for genetic research, with 80% of its customers electing to participate in. ME stock currently trades at $9.46 as of 10:13 a.m. ET and is up by over 21% on today’s opening bell.
Investors seem to be responding to a positive mention by EMJ Capital founder and portfolio manager Eric Jackson on CNBC’s Closing Bell on Thursday. Jackson said that 23and Me should be more properly thought of as a therapeutics company in addition to being a subscription service, which he thinks bodes well for future growth. In August, the company reported its first quarter financials for fiscal year 2022. During the quarter, it completed a merger with VG Acquisition Corp and ended the quarter with cash of $770 million. All things being said, should investors be on the lookout for ME stock?Source: TD Ameritrade TOS Ocugen Inc.
Following that, we have Ocugen, a biopharmaceutical company that discovers and develops gene therapies to cure blindness and potentially treat multiple retinal diseases. The company is also developing its coronavirus vaccine together with Indian drugmaker Bharat Biotech. Dubbed Covaxin, it will be commercialized in the U.S. and Canadian markets by Ocugen. OCGN stock currently trades at $9.90 as of 10:13 a.m. ET and has enjoyed year-to-date gains of over 200%.
This week, the company’s stock has been on fire on news that Bharat Biotech had received emergency use authorization by the Indian government for Covaxin to be given to children ages 2 to 18. The vaccine could also soon receive the green light from the World Health Organization. This announcement could also be a sign that regulatory for other markets could be around the corner. For Ocugen, regulatory approval for use of its Covaxin in the U.S. would be game-changing and could be around the corner. For this reason, should investors buy OCGN stock?Source: TD Ameritrade TOS Regeneron Pharmaceuticals Inc.
Last but not least is Regeneron Pharmaceuticals. In brief, Regeneron is a New York-based biotech company. Its developmental pipeline currently consists of investigational treatments for a wide range of diseases. This includes but is not limited to eye, inflammatory, cancer, cardiovascular, pain, and metabolic-related illnesses among others. With nine FDA-approved drugs and numerous other product candidates in development, Regeneron is no newcomer to the field. More importantly, the company would now be in focus thanks to its work on a coronavirus antibody cocktail, REGEN-COV.
As it stands, REGN stock now trades at $557.01 a share as of 10:13 a.m. ET. Could it be worth investing in at this price point? Well, for one thing, the company remains hard at work on the coronavirus treatment front. As of yesterday, the FDA accepted REGEN-COV for priority review under a Biologics License Application (BLA). The BLA will see REGEN-COV applying for approval as a treatment for coronavirus in non-hospitalized patients and as prophylaxis in high-risk individuals. At the same time, Regeneron also reports that it is seeing regulatory progress in the European Union (EU) as well. Given all of this, would REGN stock be a top buy in your book now?Source: TD Ameritrade TOS