Entering 2024, Wedbush believes that the biotech industry should have resumed positive growth long ago, especially in small and medium-sized stocks. The company believes that companies with clinical data above key risk reduction points and strong balance sheets may be most attractive. Popular choices for Wade Bush in 2024 include Ascendis Pharma, Neurocrine Biosciences, and Sarepta Therapeutics. The researchers also looked ahead for the year ahead and put forward the industry's main ideas for 2024. This includes companies such as Amgen (Amgen), Gilead (Gilead), and Vertex Pharmaceuticals (Vertex Pharmaceuticals).
Wedebush believes biotechnology reached its lowest point in October, and with more successful projects, the industry is likely to rise in 2024. Among the popular choices in 2024, the companies that received the company's winning rating were: Alpine Pharmaceuticals (ALPN), Apogee Therapeutics (APGE), Ascendis Pharma, Edgestive Therapeutics (EWTX), Fusion Pharmaceuticals (FUSN), Geron Corp (GERN), and Ideaya Biosciences ( IDYA), MoonLake Immunotherapeutics (MLTX), Neurocrine Biosciences, Sarepta Therapeutics, Scholar Rock (SRRK), United Therapeutics (UTHR), and Viridian Therapeutics (VRDN).
Wedebush pointed out that although 2023 has brought many challenges to biotech investors, overvaluation is not one of them; the capital market is still open to biotech companies. Wedbush continues to believe that this situation will continue to exist until 2024. As a result, it believes that further consolidation of the open market may be limited in 2024, particularly if the IPO market reopens.