We're halfway!
As we have reached the first half of 2024, I feel it is time to revisit our previous article and check-in with the companies we identified as interesting to look out for in 2024. This mid-year update revisits our list of the top biotech companies to watch, providing insights into their performance, developments, and future prospects. The biotech sector has seen significant activity in 2024, particularly with strong venture capital investment across the industry, reflecting a thriving market and the potential for new groundbreaking innovations.
1. Argenx SE (NASDAQ)
Performance Overview
- Stock Performance: Argenx’s stock has increased by 30% since January
- Financial Highlights: Strong quarterly earnings and a strong development pipeline.
Major Developments
Vyvgart (efgartigimod)
As of March VYVGART® is now approved in Japan for both generalized myasthenia gravis and primary immune thrombocytopenia (ITP) and has seen FDA approval in June for another indication in the treatment of Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).
ARGX-117 (Empasiprubart)
Continuing to progress well in clinical trials for Multifocal Motor Neuropathy (MMN).
Argenx SE appears to be positioned quite well to perform powerfully for the remainder of 2024.
2. CSL Ltd (ASX)
Performance Overview
- Stock Performance: The biotech giant has made a full recovery from 2023’s dip and is up 6.85% since January this year.
- Financial Highlights: Promising outlook for double-digit earnings growth.
Major Developments
The global biopharmaceutical titan has shown its resilience so far in 2024 and will likely remain strong throughout the remainder of 2024
3. ResMed (ASX: RMD)
Performance Overview
- Stock Performance: is trading 23.91% higher than January 2024.
- Financial Highlights: Consistent 5-year growth forecasts.
Major Developments
- Market Valuation: Shares considered undervalued with significant upside potential.
- Growth Areas: Expanding market for sleep and respiratory health.
New Device Launches: ResMed has introduced new models of its cloud-connected CPAP devices. These devices feature enhanced data analytics and improved user interfaces, supporting the growing demand for sleep apnoea treatments.
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Market Growth: ResMed has expanded its market presence globally, with a new brand campaign, regional offices and distribution centres to better serve local markets and increase accessibility to their products.
4. Amgen (NASDAQ)
Performance Overview
- Stock Performance: Strong performance with a 11.81% increase since January.
- Financial Highlights: Significant R&D investment and promising pipelines for the second half of 2024.
Major Developments
MariTide (maridebart cafraglutide): Potential game-changer in the weight loss arena, with Phase 2 data expected in Q4. The company decided to scrap its obesity pill and move forward with an injection that has the potential to help patients stop gaining weight even after they stop treatment.
An exciting year so far!
The first half of 2024 has proven to be an exciting period for the biotech industry. The companies we had identified in our last article: Argenx, CSL, ResMed, and Amgen have performed quite well in the first half of 2024 and hopefully will continue to innovate and expand, despite the challenges they face. Considering each companies development pipelines and R&D investment they are well-positioned to make a significant impact in the coming months. Investors and industry watchers should keep a close eye on their progress as we move into the second half of 2024.
DISCLAIMER
Please note: this article is not financial advice, the information contained within this post has been provided as general information only. The contents have been prepared without taking account of individual objectives, financial situation or needs. Please make informed financial decisions.