The broader biotech industry is brimming with significant potential, making incredible advancements. Innovations span fields like drug discovery, gene editing, regenerative medicine and diagnostics. These technologies hold promise to treat a wide range of diseases, improving quality of life for many patients.
Although investing in these companies is very risky, finding a biotech company that’s doing well can be like finding a needle in a haystack. These companies that are already trending have momentum on their side. So, ultimately, they could shoot off to higher highs throughout 2024.
So for those who have a high risk tolerance, examine three biotech stocks that are up over 160%.
Alpine Immune Sciences (ALPN)
Alpine Immune Sciences (NASDAQ:ALPN) is up over 238% year-to-date (YTD), with no sign of slowing down.
The bull case for ALPN centers on its promising autoimmune drug, Povetacicept. Recently, it completed a successful Phase 2 review for a rare kidney disease and is advancing to a Phase 3 trial. This advancement led Vertex Pharmaceuticals (NASDAQ:VRTX) to make a substantial $4.9 billion buyout offer for ALPN
Additionally, ALPN is gearing up for a transformative 2024 with key milestones ahead. The company plans to initiate pivotal studies for IgA nephropathy and Phase 2 trials for systemic lupus erythematosus in the latter half of 2024. Povetacicept has shown promising results in reducing disease markers significantly in clinical settings
Also, a possible buyout of ALPN could be on the horizon. And, with future trials ahead for the company, its backdrop is solid.
Entera Bio (ENTX)
Entera Bio (NASDAQ:ENTX) has surged 358.46% YTD.
The company focuses on advancing its clinical pipeline, notably its leading compounds EB613 for osteoporosis and EB612 for hypoparathyroidism. For EB613, a major milestone was achieved with the Food and Drug Administration (FDA) agreement on a single Phase 3 clinical trial. This was designed to support a New Drug Application (NDA), targeting patient enrollment within the year
Also this year, ENTX plans to initiate a Phase 1 pharmacokinetic (PK) study for a new generation platform and continue Phase 2 trials for its EB612 program. Financially, ENTX reported having sufficient cash on hand to fund operations into 2024’s Q3. This funding is earmarked for ongoing clinical trials and research collaborations.
Rezolute (RZLT)
Rezolute (NASDAQ:RZLT) is up over 167.33% YTD.
Indeed, now could be a good time for investors to consider RZLT. Handok Inc., a major shareholder and director of RZLT, has significantly increased its investment in the company with two large stock purchases totaling approximately $17 million. The acquisitions occurred on separate occasions, first buying shares at $6.5 each and later at $3.8 each.
Also, RZLT’s development pipeline appears solid. Rezolute is engaged in several significant studies. The sunRIZE Phase 3 clinical trial for RZ358 aims to treat congenital hyperinsulinism. This ongoing study anticipates results by mid-2025.
Additionally, RZ358 received the Innovation and Licensing Application Passport from the U.K.’s MHRA. For RZ402, an oral treatment for diabetic macular edema, the company completed Phase 2 enrollment. And, it expects to report top line results in Q2 of 2024.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.