3 Biotech Stocks to Turn $5,000 Into $1 Million: April 2024


  • Here are just a few of the top biotech stocks to buy and hold today.
  • Altimmune (ALT): Analysts at B. Riley reiterated a buy rating on the stock, with a target of $20.
  • Fortress Biotech (FBIO): Analysts at Roth/MKM just reiterated a buy rating on the stock with a price target of $10 a share.
  • Silence Therapeutics (SLN): Analysts at Chardan Capital recently raised their price target on SLN to $42 from $26, with a buy rating.
Biotech stocks - 3 Biotech Stocks to Turn $5,000 Into $1 Million: April 2024

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Biotech stocks can offer some of the most explosive, exciting opportunities on the market.

That is, if you find the right one.

Viking Therapeutics (NASDAQ:VKTX) is the perfect example. Interest in weight loss medications is skyrocketing just as the biotech is seeing solid success with its GLP-1 drug trials. They are meeting primary and second endpoints allowing it to anticipate launching Phase 2 trials for its oral version of VK2735 later this year.

All of this sent the VKTX stock screaming from a November low of about $10 per share to a high of $99.41. Now trading at $70.17, it’s again a buy. From here, I’d like to see it closer to $100 a share again, as the company’s results get better. Helping, analysts at Oppenheimer just raised their price target on VKTX to $138 from $116, with an outperform rating. BTIG analysts also raised their price target to $125 from $100, with a buy rating.

That’s been one of the most explosive biotech stocks this year. But there are others. In fact, here are three hot biotech stocks with further upside potential.

Altimmune (ALT)

Another hot biotech stock with a focus on obesity treatment is Altimmune (NASDAQ:ALT).

Since November, the stock rocketed from about $2.34 per share to a high of $14.84. Now at $8.01, it’s still a strong, long-term opportunity. Citing data from its MOMENTUM trial, the company said its pemvidutide treatment led to weight loss while preserving lean mass, as noted by Seeking Alpha. 

Data from a 48-week trial showed that about 74.5% of weight loss was linked to fat tissue. About 25.5% was linked to lean mass, which may give it a leg up against the competition. “We believe that pemvidutide has the potential to distinguish itself broadly from other therapies for the treatment of obesity,” ALT CEO Vipin Garg added.

In addition, analysts at B. Riley reiterated a buy rating on the stock, with a price target of $20. The firm added that the 25% linked to lean mass, relative to other obesity medications, makes this treatment an “ideal lifestyle anti-obesity drug,” as highlighted by TheFly.com.

Fortress Biotech (FBIO)

There’s also Fortress Biotech (NASDAQ:FBIO), a biotech penny stock with substantial catalysts ahead.

For one, analysts at Roth/MKM just reiterated a buy rating on the stock with a price target of $10 a share. Two, the company — which develops and commercializes products both within the company and through partner companies — has near-term catalysts to pay close attention to.

For example, Journey Medical (NASDAQ:DERM), which was founded by Fortress Biotech, just said the Food and Drug Administration (FDA) just accepted its New Drug Application for DFD-29 (minocycline hydrochloride modified release capsules, 40 mg) for the treatment of inflammatory lesions and erythema of rosacea in adults. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of Nov. 4.

Mustang Bio (NASDAQ:MBIO), which was also founded for Fortress Biotech, just said it’s planning to expand testing of its oncology drug MB-106 into autoimmune diseases. The company expects to initiate trials of the drug by the fourth quarter.

Analysts at H.C. Wainwright just raised its price target on FBIO to $24 from $10, with a buy rating. As noted by the firm, “The company is expected to benefit from substantial milestone payments, including potential revenue sharing from Priority Review Vouchers (PRVs), as well as anticipated royalties from multiple assets. Furthermore, Fortress holds valuable equity stakes in several partner companies, which contribute to its financial strength,” as quoted by Investing.com.

Silence Therapeutics (SLN)

There’s also Silence Therapeutics (NASDAQ:SLN), which is harnessing the body’s natural mechanism of RNA interference, or RNAi, to inhibit the expression of specific target genes that are thought to play a role in diseases with significant unmet needs.

Most recently, the company said its Phase 2 trial for SLN-360 (zerlasiran) successfully met its primary endpoint of treating leading to a highly “significant decline in lipoprotein(a), or Lp(a), a type of low-density lipoprotein also known as ‘bad cholesterol.'”

Another potential treatment is its diversiran treatment for patients with polycythemia vera, which causes bone marrow to make too many red blood cells. While rare, it can thicken your blood, slowing its flow, which can lead to potential blood clots. 

Analysts at Chardan Capital recently raised their price target on SLN to $42 from $26, with a buy rating. Morgan Stanley also boosted its price target to $45 from $29, with an overweight rating. 

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

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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