Published on 24 Mar 2024 on Insider Monkey via Yahoo Finance
12 Best Biotech Penny Stocks to Invest In
In this article, we discuss the 12 best biotech penny stocks to invest in. If you want to skip our detailed analysis of these stocks, go directly to 5 Best Biotech Penny Stocks to Invest In.
The past few years have been a topsy-turvy ride for the biotech sector. There was a massive increase in investments in biotech firms as vaccine development for the COVID-19 pandemic became a primary concern around the globe. Following the success of these vaccines, there was a normalization period for the biotech market as macro factors, combined with waning interest in coronavirus vaccines, as well as fewer drug approvals by the drug authorities hit revenues. In 2023, the sector rebounded, jumping back to pre-pandemic levels of growth.
As the market dynamics improve, investments are surging, IPOs picking up pace again, and companies continue to innovate, there is increased optimism around the biotech world in 2024. One indication of this optimism is the performance of biotech giants like GlaxoSmithKline plc (NYSE:GSK), Eli Lilly and Company (NYSE:LLY), and AbbVie Inc. (NYSE:ABBV) on the stock market. The shares of these firms are up 12%, 29%, and 11% year-to-date respectively. There is an uptick in shareholder activism and mergers and acquisitions activity too.