APLS - 2 Best Growth Stocks to Buy in April
2023-04-03 10:00:00 ET
Growth stocks may have struggled over the past year, but a select few names have defied this broad downward trend in growth equities. Within healthcare, pharma companies developing cutting-edge medicines have been a particular bright spot. Several companies with new Food and Drug Administration (FDA) approvals and/or promising clinical trial data have soared while the broader markets have slumped. The key reason is that life-saving medicines aren't subject to macroeconomic headwinds.
Apellis Pharmaceuticals (NASDAQ: APLS) and BridgeBio Pharma (NASDAQ: BBIO) are prime examples. These two biopharma companies have been storming higher of late in response to high-value catalysts. Here's why these two biotech stocks are poised for further gains in April and beyond.
Apellis stock has gained a stately 27% through the first three months of 2023, thanks to the FDA approval of its geographic atrophy medicine, Syfovre, in February. Geographic atrophy is an advanced form of age-related macular degeneration that can often results in total vision loss over time. Prior to Syfovre's approval, there were no FDA-approved medicines for this fairly common retinal disease. Wall Street analysts think this groundbreaking medication could achieve peak sales in excess of $3 billion per year. That's an enormous sum for a company with a market cap of $7.3 billion at the time of this writing.
For further details see:
2 Best Growth Stocks to Buy in April