3 Biotech Stocks Ready for Big Breakthroughs Like Biogen

Biotech stocks - 3 Biotech Stocks Ready for Big Breakthroughs Like Biogen

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It’s been a big quarter for biotech stocks. Biogen (NASDAQ:BIIB) had a major breakthrough with the approval of its Alzheimer’s vaccine aducanumab, which is sold under the brand name Aduhelm.

It marks the first time an Alzheimer’s therapy has been green-lit over 20 years and targets the pathophysiology of the disease. Though there are differing opinions about the vaccine’s effectiveness, BIIB stock returned a healthy 30% so far in June.

However, Biogen is not the only biotech stock with important events on deck this year.

Unlike a typical consumer products firm, biotech stocks depends on trial data and regulatory approval outcomes. Biotech stocks will surge or sink based on these pieces of information.

Investors need to keep tabs on biotech stocks and their relevant dates to make sure they are ready to invest at the right time. With that being said, the list below includes three of the most promising biotech stocks which could make a major splash this year, similar to Biogen.

  • Provention Bio (NASDAQ:PRVB)
  • Myovant Sciences (NYSE:MYOV)
  • Blueprint Medicines (NASDAQ:BPMC)

Biotech Stocks To Buy: Provention Bio (PRVB)

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Provention Bio is a U.S. biotechnology company involved in the development of therapeutics and solutions for immune-mediated diseases. It’s been in the news in the past year for its late-stage clinical asset, Teplizumab, which is used to slow down the onset of type 1 diabetes.

Late last month, the FDA’s advisory board granted it breakthrough therapy designation and a Biologics License Application (BLA) review on priority. As a result, PRVB stock is up 13% in June.

There is massive unmet demand in the type 1 diabetes market, where Teplizumab could rake in a significant amount of revenues in the coming years. The market was estimated to have been worth $2 billion in 2019 and has grown to $2.8 billion by 2026. It has grown at an impressive compound annual growth rate of 5% in seven years.

Insulin is the only therapy for type 1 diabetes, which is not curative and highly cumbersome. Therefore, the novel therapeutic entry can grab a significant portion of the market.

Myovant Sciences (MYOV)

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U.K.-based biotech Myovant Sciences develops therapeutics and solutions in the women’s health niche. It’s been in the thick of things with Relugolix, a drug it’s developing to treat uterine fibroids.

The FDA recently cleared the drug based on its two late-stage efficacy studies for uterine fibroids. Previously it was green-lit by the FDA last year for the treatment of patients with advanced-stage prostate cancer.

More than 170 million women suffer from non-cancerous tumors. A major problem with regards to that relates to anemia and menstrual bleeding. Treatment options are limited at this time, which includes hysterectomies and intrauterine devices.

Myovant’s treatment, on the flip side, is a non-invasive pill which marginalizes fibroids. Hence, Relugolix can prove to be a success in the massive uterine fibroids market.

Biotech Stocks To Buy:  Blueprint Medicines (BPMC)

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Blueprint Medicines focuses on the development of small-molecule drugs. These types of drugs tend to be more stable and offer greater accessibility.

It has two main drugs in its pipeline called Gavreto and Ayvakit. Both of them got approved for a few types of stomach and lung cancers. Moreover, it received additional approval for Ayvakit to treat systemic mastocytosis, a type of hematologic disorder. With two major winners in its kitty, BPMC stock could gain big this year.

Total revenues for its first quarter were at $21.6 million, representing a massive 250% increase over the first quarter last year. Ayvakit was the brightest spot of the results, as it drove $7.1 million in revenues for the company. Moreover, the company has a strong cash balance which should be enough to last them for years.

With more regulatory breakthroughs, expect BPMC stock to push into high gear soon.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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