HomeMarket NewsUnveiling Promising Biotech Stocks Poised for Explosive Growth in 2024

Unveiling Promising Biotech Stocks Poised for Explosive Growth in 2024

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biotech stocks - 3 Biotech Stocks to Turn $10,000 Into $1 Million: February 2024

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Biotech stocks are set to deliver explosive opportunities in 2024, driven by innovation, burgeoning demand for advanced treatments, and a wave of mergers and acquisitions. According to an article on Morningstar.com, major pharmaceutical companies are on the hunt for innovative drugs, with particular focus on niche areas such as obesity, oncology, gene therapy, mRNA, and immunology.

These developments create an exciting prospect for investors. At the forefront of this trend are three biotech stocks that are expected to deliver significant growth throughout the year.

Exploring Altimmune (ALT)

Altimmune logo on a bottle of vaccine. ALT stock.

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Viking Therapeuticsย (NASDAQ:VKTX) has gained significant traction in the obesity drug stocks, soaring from below $10 in November to a remarkable high of $35.66. Yet, another player, Altimmuneย (NASDAQ:ALT), holds the potential for similar growth.

Despite facing setbacks from a recent short report, analysts at Jefferies believe that Altimmuneโ€™s pullback presents a compelling buying opportunity. The firm dismissed the short report as โ€œslim on substanceโ€ and emphasized Altimmuneโ€™s positive Phase 2 obesity trial results, which demonstrated a mean weight loss of 15.6% at 48 weeks with pemvidutide. Moreover, Altimmune aims to capitalize on potential partnerships and prepare for a pivotal meeting with the FDA in the latter half of 2024.

The favorable Phase 2 trial results position Altimmune as a potential trailblazer in the obesity treatment landscape, with the promise of emulating the success of Ozempic.

Spotlight on Pyxis Oncology (PYXS)

A variety of pills, pill bottles, and droppers arranged on a table in multiple bright colors.

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Pyxis Oncologyย (NASDAQ:PYXS) is a key player in the biotech landscape, specializing in the development of antibody-drug conjugate (ADC) drugs for targeted cancer therapy. The stock has witnessed a notable surge from $1.16 to its current standing at $4.56 in just 14 months, attributed to its involvement in ADC treatments.

Pyxis Oncologyโ€™s innovative technology platform allows for the development of homogeneous ADCs, a strategy that recently led to the acquisition of Ambrx by Johnson & Johnson. This forward-thinking approach, akin to the one that prompted Pfizerโ€™s acquisition of Seagen for $34 billion, positions Pyxis Oncology for further growth. Pfizerโ€™s keen interest in ADCs, emphasized by CEO Albert Bourla, bodes well for Pyxis Oncologyโ€™s prospects, evident from the FDAโ€™s grant of Orphan Drug Designation (ODD) for its breakthrough drug, PYX-201, to treat pancreatic cancer.

Furthermore, analysts atย BTIG have initiated coverage of PYXS with a buy rating and set a price target of $8, underscoring the positive sentiment surrounding Pyxis Oncology.

Investing in Biotech: ProShares Ultra NASDAQ Biotechnology ETF (BIB)

The Value in ProShares Ultra NASDAQ Biotechnology ETF (BIB)

Modern Medical Research Laboratory with Computer, Microscope, Glassware with Biochemicals on the Desk. Scientific Lab Biotechnology Development Center Full of High-Tech Equipment. Biomedical technology stocks, RSLS Stock

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At a price tag of less than $60 a share, the ProShares Ultra NASDAQ Biotechnology ETF (BIB) offers 225 biotech stocks and an expense ratio of 0.95%. This fund seeks daily investment results of two times the daily performance of the Nasdaq Biotechnology Index.

Since November, the ETF has surged from a low of $41.74 to a recent high of $58.68. Bearing in mind the positive momentum in the biotech sector, and its history of surpassing the $100 per share mark in 2021, BIB appears poised to reach $85 once again. It is noteworthy to highlight that among its top holdings are Amgen (AMGN), Biogen (BIIB), Gilead Sciences (GILD), and Vertex Pharmaceuticals (VRTX).

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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