Published on 1 Sep 2023 on Zacks via Yahoo Finance

5 Biotech Stocks to Buy as New Drug Approvals Drive Industry Prospects

After a decent performance in the first half of 2023, the outlook for the second half of 2023 for the biotech industry looks upbeat as the world cautiously wades through an uncertain macroeconomic environment. Most companies in the sector posted better-than-expected second-quarter performance. Moreover, the outlook provided by the companies indicates bright prospects now on the back of new drug approvals and positive pipeline updates. With the pandemic behind us, biotech companies are looking to bolster their product portfolios and pipeline through collaborations and buyouts. Hence, M&A is back in the spotlight. Given the continuous need for innovative medical treatments, irrespective of the state of the economy, the biotech industry can be a haven despite the inherent volatility and uncertain macroeconomic environment.Biotech companies like Exelixis, Inc EXEL, Dynavax DVAX, Arcellx, Inc. ACLX, ANI Pharmaceuticals, Inc. ANIP and Vanda Pharmaceuticals, Inc. VNDA are well-poised to outperform the volatile sector.

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