AMLX - 3 Under-the-Radar Biotech Stocks to Buy in 2023
2023-10-19 08:15:00 ET
Biotech stocks have been beaten down in 2023, with the sector off nearly 4% this year while the S&P 500 is up more than 15%. But some of the larger, better known biotech stocks have thrived -- Vertex Pharmaceuticals , Regeneron Pharmaceuticals , and Seagen , all large-cap biotechs, have seen their shares climb between 16% and 66% so far this year.
Then there are some lesser known biotechs. You may not be aware of Amylyx Pharmaceuticals (NASDAQ: AMLX) , BioMarin Pharmaceuticals (NASDAQ: BMRN) , and Exelixis (NASDAQ: EXEL) , but you should be. All three stocks are underpriced despite growing revenue by double-digits and being profitable.
Amylyx focuses on neurological disorders. Its amyotrophic lateral sclerosis (ALS) drug, Relyvrio, was approved in September of 2022 by the Food and Drug Administration (FDA) and has brought in more than $400 million since its launch. The company's stock has been caught up in the malaise that has hit many biotech companies this year, with its shares down more than 51% so far this year. The drop is in sharp contrast to the company's improving financials.
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3 Under-the-Radar Biotech Stocks to Buy in 2023