After dropping to a low of 3,637.05 in October 2023, the index climbed to start 2024 at 4,457.02. It did hit a bump in the road early in Q2 when it plunged to 4,056.3 in April, but it quickly recovered and has since tracked even higher, reaching a high of 4,954.813 on September 19.
While the current economic environment means the biotech sector may have a complex road ahead, robust growth could be in store in the future.
Driving that growth will be favorable government policies, investment in the sector, increased demand for synthetic biology and a rise in chronic disorders such as cancer, heart disease and hypertension.
The top NASDAQ biotech stocks have seen sizeable share price increases this year. For those interested in investing in biotech companies, the best-performing biotech stocks are outlined below.
Year-to-date gain: 465.93 percent
Market cap: US$315.37 million
Share price: US$48.49
Clinical-stage biopharmaceutical company Instil Bio is developing a pipeline of oncology therapies. The company’s primary asset is IMM2510, a differentiated PD-L1xVEGF bispecific antibody aimed at the treatment of multiple solid tumor cancers.
“By executing a 15-year lease of our Tarzana cell therapy manufacturing facility, we have strengthened our financial foundation to support Instil’s near-term clinical development of these assets,” said Instil Bio CEO Bronson Crouch.
Instil Bio’s stock surged in September to reach a year-to-date high of US$92.00 on the 13th of the month.
Year-to-date gain: 408.25 percent
Market cap: US$273.53 million
Share price: US$4.94
This NASDAQ biotech stock had a great run up in the second quarter this year, posting a year-to-date high of US$6.09 on June 5.
Year-to-date gain: 346.31 percent
Market cap: US$213.52 million
Share price: US$6.66
Candel Therapeutics is another NASDAQ biotech company focused on developing oncology treatments. The company’s pipeline includes two clinical stage multimodal biological immunotherapy platforms.
Its second lead product candidate is CAN-3110, which is in an ongoing Phase 1 clinical trial in recurrent high-grade glioma (HGG).
Year-to-date gain: 195.33 percent
Market cap: US$100.7 million
Share price: US$9.48
California-based Benitec Biopharma is advancing novel genetic medicines via its proprietary “Silence and Replace” DNA-directed RNA interference platform. The company is currently focused on developing therapeutics for chronic and life-threatening conditions including oculopharyngeal muscular dystrophy (OPMD). Its drug candidate BB-301 was granted orphan drug designation by the FDA and the European Medicines Agency.
Benitec is well-funded to advance its BB-301 clinical development program through the end of 2025. The company’s share price hit its highest year-to-date value on October 1 at US$12.89.
Year-to-date gain: 141.01 percent
Market cap: US$137.67 million
Share price: US$1.97
Biopharma company Cardiol Therapeutics is developing novel treatments for inflammation and fibrosis in cardiovascular conditions, including pericarditis, myocarditis, and heart failure.
The positive news flow contributed to the strong momentum the stock has enjoyed this year, leading to a year-to-date share price high of US$3.12 on June 12.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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