ARFXF - 5 Top Biotech Stocks on the TSX Year-to-Date
The Canadian biotech sector might be one of the country’s best kept secrets in terms of market size and growth potential.
Case in point, an industry report published in 2018 by BIOTECanada indicates the biotech industry is a top tier technology hub in the country and is projected for substantial growth over the forecast period of 2017 to 2021.
According to the report’s survey findings, 40 percent of the participating companies are projecting revenues will surpass C$10 million by 2021, which is a 31 percent growth. from 2017.
With the Canadian biotechnology market projected for growth over the next several years, companies in the space have performed well so far this year. Here, the Investing News Network is profiling the five top TSX biotech stocks year-to-date. All companies listed below have market caps between C$45 million and C$500 million with data compiled from TradingView’s stock screener on April 9, 2019.
Here’s a closer look at those companies and what may have moved the needle over the first quarter of the year.
1. Aeterna Zentaris (TSX:AEZS,NASDAQ:AEZS)
Market cap: C$113.93 million; current share price: C$6.93; year-to-date gain: 75 percent
Aeterna Zentaris emerges first on our top TSX biotech stocks year-to-date. The company is primarily focused on providing patients care who have unmet medical needs, particularly those with rare endocrine disease. These ailments include conditions that impact how hearts beat and bone and tissues grow.
Perhaps most notably during the quarter, in January Aeterna Zentaris revealed that it had notched clearance from the European Medicines Agency for its drug, macimorelin. Macimorelin treats adult patients with growth hormone deficiencies.
2. InMed Pharmaceuticals (TSX:IN,OCTQX:IMLFF)
Market cap: C$87.79 million; current share price: C$0.51; year-to-date gain: 33.33 percent
InMed Pharmaceuticals is a pre-clinical stage company which has three drug candidates in its pipeline in different stages of development.
The first, INM-750, is geared towards treating a genetic skin disorder called epidermolysis bullosa. Second in InMed’s pipeline is INM-085, which intends to treat eye diseases such as glaucoma. The third and final drug candidate InMed is developing is INM-405, a topical treatment for orofacial pain. Orofacial pain ranges from the mouth, jaw and other areas of the face.
In March, the company announced that its lead drug candidate, INM-750 is switching gears to a formula comprised of one the two cannabinoids that entailed INM-750, called INM-755.
3. Spectral Medical (TSX:EDT,OTC Pink:EDTXF)
Market cap: C$87.98 million; current share price: C$0.39; year-to-date gain: 32.14 percent
Middle of the pack on our five top TSX biotech stocks year-to-date list is is Spectral Medical, which is working on treatments for sepsis-related deaths. Sepsis is how a body reacts to an infection, and happens when the chemicals are out of balance.
Spectral Medical has done a Phase 3 clinical trial testing its lead product, PMX, in patients with septic shock and endotoxemia.
Throughout the first quarter, the company had several notable updates for investors. In February, Spectral Medical announced the US Food and Drug Administration (FDA) approved the company’s clinical trial, Tigris, which aims to enroll 150 patients with septic shock.
4. ProMIS Neurosciences (TSX:PMN,OTCQB:ARFXF)
Market cap: C$76.92 million; current share price: C$0.30; year-to-date gain: 7.14 percent
Promis Neurosciences is developing treatments for Alzheimer’s disease and Parkinson’s disease.
In its pipeline are four different candidates, including Amyloid beta for Alzheimer’s disease and Down syndrome; Tau, which aims to treat Alzheimer’s disease and chronic traumatic encephalopathy; TDP43, which is for amyotrophic lateral scleoris (ALS) and frontotemporal dementia; SOD1, which is for ALS; and finally alpha synucien, which is geared towards Parkinson’s disease and lewy body dementia.
The company announced in February that it had been able to target a variety of drug candidates that target toxic characteristics of alpha-synuclien, which can lead to Parkinson’s disease.
5. Oncolytics Biotech (TSX:ONC,NASDAQ:ONCY)
Market cap: C$47.67 million; current share price: C$2.53; year-to-date gain: 0.80 percent
Closing out the five top TSX biotech stocks year-to-date list is Oncolytics Biotech, which is focused on treatments for solid tumors and hematologic cancers like acute and chronic leukemias, lymphomas, multiple myeloma and myelodysplastic syndromes.
In February, the company announced the Spanish Agency for Medicine and Health Products awarded it final approval of AWARE-1 a window of opportunity to study in breast cancer.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.