Biotech stocks are experiencing significant momentum, with notable gains among key players. The Health Care Sector ETF (XLV) recently reached record highs, while the Biotech ETF (XBI) hit year-to-date highs, nearing levels not seen since 2021. Illumina (ILMN) has rebounded sharply, gaining approximately 46% year-to-date after previously plummeting about 80%, with strong fundamentals supporting its renewed growth. PTC Therapeutics (PTCT) has surged roughly 75% since the approval of its drug Sephience in July, contributing $125 million of its $273 million in Q1 revenue. Exelixis (EXEL) recently reached a new 52-week high, projecting a 15% annual earnings growth.
Fortrea Holdings (FTRE), a newly spun-out contract research organization, has seen its shares rebound significantly from around $4 to the mid-teens, fueled by a backlog of $7.8 billion. Current estimates suggest earnings growth of 40.9% annually over the next 3-5 years. Both Exelixis and Fortrea Holdings have received positive Zacks ratings, with Exelixis ranked #2 (Buy) and Fortrea holding a #1 (Strong Buy) ranking.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
