Published on 8 Mar 2024 on Insider Monkey via Yahoo Finance
10 Biotech Stocks with Huge Potential
In this article, we will take a look at the 10 biotech stocks with huge potential. To skip our analysis of the recent trends, and market activity, you can go directly to see the 5 Biotech Stocks with Huge Potential.
Recent developments, technological as well as optimism related to interest rate reductions, have led to a significant rally for the biotech industry. S&P Biotechnology Select Industry Index, an index that tracks stocks belonging to the biotechnology industry, is up 13.54% year to date.
The latest trend in the biotechnology industry, in addition to the long-standing affinity for rare and debilitating diseases, is the resurgence of therapies targeting obesity. In August 2023, Novo Nordisk released SELECT trial results which showed that its GLP-1 weight loss medicine Wegovy reduced the risk of major adverse cardiovascular events in adults who are overweight or obese and have established cardiovascular disease with no prior history of diabetes. This has brought the possibility of GLP-1 drug class being broadly adopted in the U.S. On December 5, Eli Lilly and Company (NYSE:LLY) announced the availability of Zepbound™ (tirzepatide) injection in U.S. pharmacies, indicated for adults with obesity. The drug was approved by the U.S. FDA on November 8 and is available through a prescription that can be filled at retail and mail-order pharmacies. You can read more about this in our recently published article: 11 Most Promising Biotech Stocks to Buy According to Analysts