Bank of America has named four small- and mid-cap biotech stocks as its top picks for 2024. The brokerage remains “cautiously selective” in its biotech picks as the sector as a whole has underperformed the broader stock market in 2023.
Four favorites
According to CNBC, analysts Greg Harrison and Mary Kate Davis see upside in BridgeBio Pharma, Rocket Pharmaceuticals, Liquidia Corp. and Travere Therapeutics, highlighting their potential for regulatory approvals and product launches over the next year.
“While we still believe there is room for innovation and new initiatives in biotechnology, we believe that companies with clearly defined risk mitigation focuses, even at an early stage, or companies with unique technological catalysts, are likely to perform better,” writes Bank of America- the analysts in a note.
Travere Therapeutics
Analysts believe Travere Therapeutics could see increased use of its recently approved Filspari treatment for the chronic kidney disease IgA nephropathy (IgAN) if it receives expanded U.S. approval in 2024. IgAN is a rare kidney disease that affects up to 150,000 people in the U.S., according to the company.
Liquidia
Bank of America emphasizes that Liquidia is preparing to launch its Yutrepia inhalation powder for the treatment of so-called pulmonary arterial hypertension (PAH) after resolving an ongoing legal dispute. PAH is a rare but serious medical condition that affects the lungs and heart and, in the worst case, leads to heart failure.
Bank of America’s (BofA) Biotek Favorites
SharePotential offside, according to BofATravere Therapeutics166 percentLiquidia Corporation75 percentRocket Pharmaceuticals31 percentBridgeBio Pharma27 percent
2023-12-19 09:41:30
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