The 3 Best Biotech Stocks to Buy in May 2024


  • Investments in the biotech sector are increasing and so is the confidence of analysts. This might be the best time to invest for the long-term investors.
  • BioMarin Pharmaceuticals (BMRN):  BioMarin Pharmaceuticals is revolutionizing healthcare by introducing genetically engineered drugs. 
  • Halozyme Therapeutics (HALO): Biotech company that achieved massive revenue last year and is disrupting drug delivery technology.
  • Incyte Corporation (INCY): Pharmaceutical company pioneer in the discovery, development, and commercialization of cancer-fighting drugs.
Best Biotech Stocks to Buy - The 3 Best Biotech Stocks to Buy in May 2024

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We live in the best of times where life is not capped at 45 or 50 years of age, all thanks to wonderful discoveries in the field of biotechnology. The resources being invested to produce new drugs and treatment methodologies are increasing day by day. Every discovery opens a new chapter of success for the companies operating in the biotech sector. As the trend continues, biotech companies are recording remarkable stock performances and revenue milestones.

Many analysts have started to analyze these stocks more closely to identify patterns and learn how to take advantage of the soaring stock prices. Of course, there is no doubt that trading biotech stocks is not for the weak. These stocks are highly volatile and can either outperform your expectations or drag you into huge losses. However, if you think you can manage the stress of a risky investment in return for the chance to win big, then here are three biotech stocks that you should buy in May 2024.

BioMarin Pharmaceuticals (BMRN)

Person holding smartphone with logo of U.S. company BioMarin Pharmaceutical Inc. (BMRN) on screen in front of website. Focus on phone display. Unmodified photo.
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BioMarin Pharmaceuticals (NASDAQ:BMRN) is an American biotechnology company that researches products with the potential to cure life-threatening conditions. The company currently operates at a market cap value of $15.5 billion which has decreased by over 15% in the past five months. According to Yahoo Financial Analysts, the average one-year price target of around $110.10, which is almost 34% higher than the current trading value of $82.2.

The current volatility in the stock price came after the company released its Q1 report in which the revenue fell short of the company’s expectations. However, with the company consistently working on improving the uptake of their new drug Roctavian – a one-time gene therapy for hemophilia, the figures for the current and coming quarters might be surprising. 

Looking at the financials of the company for Q1 of 2024, the company is estimated to make a revenue of $2.47 billion. Furthermore, the EPS has grown 265.79% over the past year and financial experts suggest a 5-year average annual EPS forecast of 43%. These growth prospects should entice investors looking for explosive companies. 

Halozyme Therapeutics (HALO)

An image of a cell injection
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Halozyme Therapeutics (NASDAQ:HALO) is a biopharmaceutical company specializing in the development and commercialization of technology that can enhance the delivery of drugs to patients with the help of enzymes. The market cap of the company is $5.19 billion with the current stock price of $40.86. According to Yahoo Finance Analysts, Halozyme’s stock is trading at around 20% less than the average one-year price target of around $51.10.

Drug delivery mechanisms are the backbone of every efficient drug. Recently, Halozyme has entered into a partnership with another biotech company to broaden patient access and decrease treatment burden. This will allow other companies to use its drug-administering technology in return for huge payments, which is great news for investors willing to put their stakes in Halozyme. 

The financials of the company also reveal a promising future. Analysts have forecasted the revenues for the year 2024 at $201.72 million, representing an increase of 24.4% year-over-year. Furthermore, the EPS for the quarter has been reported at $0.69 which shows an increase of 46.8% compared to 2023. These figures suggest a promising future for this rising biotech company.

Incyte (INCY)

incy stock
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Incyte (NASDAQ:INCY) is an American multinational drug manufacturing company that has a strong portfolio in the oncology, inflammation, and autoimmune branches of medicine. The first quarter for Incyte has proven great as the financials show an extremely encouraging future. The stock currently trades at $54.05 with an overall market cap of $12.07 billion. Yahoo Finance Analysts suggest an average one-year price target of around $72.41 which is almost 40% higher than the current trading price. 

Incyte has always been one of the most important players in the industry due to the type of drugs it develops. Their Solve On mission to provide patients with a cure that they cannot find anywhere else puts them in a very strategic position within the industry. This has largely been the reason that the company has outperformed and beat analyst predictions in the first quarter of 2024.

Starting with the revenue, the company reported a revenue of $880.9 million in Q1 2024, which is 8.9% higher than its reported revenue in Q12023. Additionally, their quarterly EPS of $0.76 saw a nearly 683% QOQ increase! Assuming the growth trajectory stabilizes and continues, this company could be a massive growth builder for any portfolio.

On the date of publication, Ian Hartana and Vayun Chugh did not hold (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 Publishing Guidelines.

Chandler Capital is the work of Ian Hartana and Vayun Chugh. Ian Hartana and Vayun Chugh are both self-taught investors whose work has been featured in Seeking Alpha. Their research primarily revolves around GARP stocks with a long-term investment perspective encompassing diverse sectors such as technology, energy, and healthcare.

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