3 Biopharma Stocks Predicted to Soar in Q2 2024

Stocks to buy

Biopharma stocks have been among the most popular and well-performing stocks this year. With recent trends in weight loss drugs and clinical advancements in treating illnesses, this market is set for significant advances this year. 

There’s no better time for investors to look into the companies leading the charge and the stocks expected to perform best. These three biopharma stocks have products capitalizing on the surging demand for the latest, most popular drugs this year.

We’ll detail the developments of these companies’ latest drugs and their recent stock performance, which will excite investors looking for a profitable in Q2 of this year.

CRISPR Therapeutics (CRSP)

CRISPR Therapeutics (NASDAQ:CRSP) is a leader in the new wave of gene-editing drugs undergoing clinical studies to be approved and used to treat complex conditions. This stock has long outperformed the S&P 500 market average in total returns and shows great promise for continuing its success this year.

The most recent development for CRISPR Therapeutics is the approval of their new one-time sickle cell treatment CASGEVY in the U.S., E.U., Great Britain, Bahrain and the Kingdom of Saudi Arabia (KSA).

Once this treatment hits the market in countries with the highest population of sickle-cell disease, it won’t take off immediately. However, it will certainly mean big things for CRSP. 

CRISPR released this news along with many other exciting developments in clinical studies related to different products and an impressive full-year 2023 financial report. In Q4, CRISPR reported a net income of $89.3 million. This was a massive boost from a net loss of $110.6 million last year.

CRISPR is in clinical trials for several other cutting-edge gene-editing treatments, including a product for type 1 diabetes. This stock could jump considerably in Q2 following the approval of CASGEVY. It will continue to see tremendous growth upon new releases of its state-of-the-art treatments.

Vertex Pharmaceuticals (VRTX)

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Through thick and thin, since its IPO, Vertex Pharmaceuticals (NASDAQ:VRTX) has continued to perform much better compared to the S&P 500 market average. It has delivered consistent, rewarding returns to investors and remains on top of biopharma through new drugs and lucrative partnerships.

Vertex has a long-established history of researching and developing drugs to treat cystic fibrosis. Four of its popular drugs are on the market, and they have produced outstanding results for both those receiving the treatments and the company’s financial performance over the years.

Vertex also announced positive results from testing their drug VX-548 to treat acute pain at the end of January this year. Other exciting developments include the CASGEVY approval, mentioned for CRISPR Therapeutics. Still, Vertex is CRISPR’s partner in developing the treatment and will receive a large portion of the profits.

With even more products undergoing clinical studies to treat conditions such as kidney disease, Vertex is set to continue its striking performance this year, and you don’t want to miss out.

Novo Nordisk (NVO)

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Novo Nordisk (NYSE:NVO) is riding the massive popularity and momentum surrounding weight-loss drugs this year. The stock has nearly doubled in price since last year. It has exciting prospects to continue this growth for Q2 and beyond in 2024.

Novo Nordisk has a strong foothold in the biopharma sector with its wildly popular weight loss drugs, Ozempic and Wegovy. Ozempic sales alone reached $13.9 billion in 2023, and the company has also set to increase the supply of Weogvy this year.
The profits from these drugs have contributed exponentially to Novo Nordisk’s revenue over the last year, jumping almost 35% from 2022. Over the previous few quarters alone, the sales of these drugs have continued to grow. Although Novo Nordisk sits at a 48.94 P/E ratio, considering the potential continued growth, it is certainly worth a buy for a fruitful Q2.

On the date of publication, Joel Lim did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joel Lim is a finance freelance writer who writes content for several companies like LTSE and Realtor, along with financial publications, including Mises Institute and Foundation for Economic Education.

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