3 Best Biotech Stocks for Growth in 2023

3 Best Biotech Stocks for Growth in 2023

Posted On August 31, 2023 9:58 am

Despite the macroeconomic challenges, the biotech industry is primed for long-term growth. An aging population and the need for quality treatments for rare and common diseases underpins this positive outlook.

Therefore, it could be wise to invest in fundamentally strong biotech stocks Jazz Pharmaceuticals plc (JAZZ – Get Rating), Alkermes plc (ALKS – Get Rating), and Gilead Sciences, Inc. (GILD – Get Rating), given their solid growth prospects.

Before diving deeper into their fundamentals, let’s discuss why the biotech industry is well-positioned for growth.

After achieving immense growth during the pandemic due to the launch of the COVID-19 vaccines, the biotech industry witnessed a slowdown over the past year as investor interest faded. However, biotech companies have significant long-term growth opportunities as they develop new treatments and personalized medicines through extensive research and clinical trials.

The industry looks set to do well because of the robust drug pipelines. However, the sector faces regulatory risks and the possibility of failure in real-world applications. The global biotechnology market revenue is forecasted to grow at a CAGR of 14.2%, reaching $2.77 trillion by 2030.

Investors’ interest in biotech stocks is evident from the VanEck Vectors Biotech ETF’s (BBH – Get Rating) 12% returns over the past year.

Considering these conducive trends, let’s analyze the fundamental aspects of the three Biotech picks, beginning with the third choice…

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