Are you poised to invest in the next big breakthrough in the life sciences? From biotech to pharmaceuticals, our report covers it all. Get expert analysis and top stock picks to guide your investment decisions.
“There’s plenty of innovation in our sector, especially in the hands of biotech companies. And once proof of concept is achieved, that becomes a very rarefied but unique class that pharma is very interested in talking to. And so these conversations are ongoing”
— Maha Katabi, Sofinnova Investments
“To outperform in this environment, leading (pharma) companies can seize this moment to ‘reinvent for returns.’ Companies with foresight will see 2024 as the year of delivering impressive results for both patients and investors.”
— PWC
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What biotech trends will shape the market’s future in 2024? Experts weigh in with their forecasts for the new year.
The growth potential offered by the biotech sector means those who invest in the market can support companies that are making a positive impact on people’s lives while potentially generating significant returns.
Read on to learn what key trends experts believe will shape the biotech industry in the coming year.
CRISPR is an innovative gene-editing technology with a variety of uses, including targeting and repairing the genetic mutation that causes SCD. Another gene therapy that was granted FDA approval last year is Lyfgenia, a cell-based treatment that can genetically modify a patient’s stem cells to produce healthy, round red blood cells.
CAR-T therapy involves collecting T-cells, a type of white blood cell that helps protect the body against infections and cancers, from a patient’s blood and then priming them to fight cancer cells more aggressively than natural T-cells.
For that reason, Subin expects more exploration of other therapies in the short term, such as antibody-drug conjugates (ADCs), which have an antibody linked to a cytotoxic payload that is released when the ADC binds to its target.
Overall, the development of novel cancer treatments represents an exciting area of research that has the potential to significantly impact patient outcomes and drive growth in the healthcare industry.
Science has come along way since the article was published, and biotechnology is finding its way from healthcare to agriculture. For example, gene-editing technology can be used to develop new crop varieties or modify specific genes in crops to give them more desirable traits, such as higher nutritional value or drought tolerance.
Gabe Cavazos of Leerink Partners described October as a brutal month for biotech companies while speaking at this year’s Biotech Showcase, held in San Francisco in mid-January.
However, based on comments made at the conference, the economic landscape appears much more positive heading into 2024 following an influx of mergers and acquisitions (M&A) in November and December.
“So all the signs are there that the inflationary pressures are waning — that the interest rate environment’s going to be more conducive, and biotech’s directly correlated to the interest rate environment,” Cavazos said.
Speaking at the Biotech Showcase, Maha Katabi, a general partner at Sofinnova Investments, said pharma companies have a great need to replenish their pipelines. “There’s plenty of innovation in our sector, especially in the hands of biotech companies. And once proof of concept is achieved, that becomes a very rarefied but unique class that pharma is very interested in talking to. And so these conversations are ongoing,” she said.
The long-term success of biotech companies will be dependent on their ability to bring valuable healthcare products to market, which in turn relies on their capacity to conduct innovative research and development and secure funding for clinical trials and commercialization. Introducing new therapies is a costly and complex process, one that can be difficult for smaller companies to fund without the external capital of Big Pharma.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Principal Technologies is a client of the Investing News Network. This article is not paid-for content.
What biotech trends shaped the market in the first quarter of 2024? Experts weigh in on what happened and what’s to come.
“Pharma companies have now been (put) to work,” said Maha Katabi, general partner at Sofinnova Investments, during a panel at January’s Biotech Showcase event. “There is a great need to replenish (the) innovation pipeline. There’s plenty of innovation in our sector, especially in the hands of biotech companies, and once proof of concept is achieved, that becomes a very rarefied but unique class that pharma is very interested in talking to.”
Subin expects more exploration of other therapies in the short term, such as antibody-drug conjugates (ADCs). ADCs feature an antibody linked to a cytotoxic payload, which is released when the ADC binds to its target.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
With 2023 coming to a close, that means it’s time to look back at the top NASDAQ biotech stocks of the year.
Starting out the year at 4,174.3, the index was at 3,998.54 as of December 6, 2023. But 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.
Year-to-date gain: 321.76 percent; market cap: US$296.13 million; share price: US$6.80
TScan Therapeutics is developing T-cell receptor-engineered therapies (TCR-T) for the treatment of patients with cancer. Its lead TCR-T therapy candidates are TSC-100 and TSC-101, which are intended for patients with hematologic malignancies. Multiplexed TCR-T therapy candidates for the treatment of various solid tumors are also in TScan’s development pipeline.
Year-to-date gain: 229.17 percent; market cap: US$338.42 million; share price: US$7.92
“This merger is an essential step in establishing a preeminent oncology company,” said Dr. Clay B. Siegall, Immunome’s chairman and CEO. “We believe that we are well positioned to advance our current oncology pipeline into the clinic, build upon the pipeline through our technology platform and proprietary toolbox, and expand our portfolio through strategic transactions focused on clinical and preclinical assets.”
This NASDAQ biotech stock hit a yearly high of US$9.52 on October 17.
Year-to-date gain: 229.17 percent; market cap: US$338.42 million; share price: US$7.92
“This merger is an essential step in establishing a preeminent oncology company,” said Dr. Clay B. Siegall, Immunome’s chairman and CEO. “We believe that we are well positioned to advance our current oncology pipeline into the clinic, build upon the pipeline through our technology platform and proprietary toolbox, and expand our portfolio through strategic transactions focused on clinical and preclinical assets.”
This NASDAQ biotech stock hit a yearly high of US$9.52 on October 17.
Year-to-date gain: 118.77 percent; market cap: US$100.33 million; share price: US$5.05
Immix Biopharma is developing personalized therapies for oncology and immunology. The lead cell therapy in its pipeline is CAR-T NXC-201 for relapsed/refractory AL Amyloidosis and relapsed/refractory multiple myeloma. Currently in an ongoing Phase 1b/2a clinical trial, NXC-201 has an orphan drug designation from the FDA for both these indications.
“Building on encouraging NXC-201 clinical data to-date, we are thrilled that multiple leading U.S. sites are currently planning to enroll patients in the coming months,” said Ilya Rachman, CEO of Immix Biopharma. “No approved treatment options currently exist for relapsed/refractory AL Amyloidosis patients.”
Immix Biopharma’s share price reached a 2023 high of US$5.47 on November 28.
Year-to-date gain: 109.83 percent; market cap: US$204.58 million; share price: US$2.46
Last on this NASDAQ biotech stocks list is Standard BioTools, a leading supplier of biomedical research technologies, including its proprietary mass cytometry and microfluidics technologies. The company’s clients represent a variety of sectors, including academia, government, pharma, biotech, plant and animal research and clinical laboratories.
Shares of Standard BioTools traded at a 2023 peak of US$3.16 on September 1.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Which Canadian biotech stocks have performed the best over the last 12 months? Here’s a look at the top three by year-on-year share price gains.
Biotech is a dynamic industry that is driving scientific advancements and innovation in healthcare.
In Canada, the biotech sector is home to companies pursuing cutting-edge therapies and medical technologies, and the Investing News Network has identified the top three biotech stocks based on their year-on-year gains.
Year-on-year gain: 7,240 percent; market cap: C$86.23 million; current share price:C$3.67
Year-on-year gain: 230.14 percent; market cap: C$160.18 million; current share price: C$2.41
Cardiol Therapeutics is a biopharma company developing innovative treatments for inflammation and fibrosis in cardiovascular conditions. Its research is concentrated on pericarditis, which is inflammation of the membrane surrounding the heart; myocarditis, or inflammation of the heart muscle; and heart failure.
Year-on-year gain: 130 percent; market cap: C$131.61 million; current share price: C$1.84
Medicenna is a clinical-stage immuno-oncology company specializing in the development of innovative therapies for patients with challenging unmet needs. Its focus is on creating novel, highly selective versions of cytokines, such as IL-2, IL-4, and IL-13, which it refers to as “Superkines” and “empowered superkines.”
As 2024 begins, pharmaceutical industry experts are looking to see how AI, M&A and other trends will shape the market in the new year.
The pharmaceutical industry is a dynamic and complex sector that plays a vital role in healthcare.
While there are many factors at play, recently experts have been have been looking toward groundbreaking advances in areas like cell and gene therapies, as well as the increasing use of artificial intelligence (AI).
These trends have the potential to transform the way doctors treat disease and improve patient outcomes, but they come with challenges and risks to consider as well. Read on for a look at how these technologies could impact the pharmaceutical industry, plus key factors investors should be aware of when evaluating opportunities in this space
The rapid uptake in AI technology in 2023 was felt across many industries, including the healthcare sector. Market participants believe the use of AI in drug discovery and development will accelerate the process of identifying new drug candidates, reduce the hefty cost of drug development and improve the success rate of drug trials.
AI has also proven to be a potential game changer in the field of data analytics. By applying machine-learning algorithms, researchers can gain useful insights into disease mechanics and identify potential drug targets.
IQVIA also highlights several other therapeutic areas that are expected to drive growth in healthcare spending. Spending on treatments for autoimmune disorders is projected to reach US$177 billion globally by 2027; meanwhile, the neurology sector is seeing increased investment in migraine therapies and research into potential cures or treatments for rare neurological diseases, as well as for more common conditions like Parkinson’s and Alzheimer’s.
As the home of many leading pharmaceutical companies and a major center for research and development, the US plays a significant role in the pharmaceutical sector, and it’s important to hone in on trends in the country.
The authors project that M&A activity in the pharmaceutical and life science markets will remain steady in 2024, with deal values and volumes similar to those seen in 2023. They expect that the total value of M&A transactions across all subsectors of those industries to total roughly US$225 billion to US$275 billion this coming year. Regulatory challenges and fierce competition for assets will continue to be a factor in drafting M&A deals, and PwC suggests that companies adopt a strategic approach that combines internal innovation with external acquisition.
The pharmaceutical industry is set to face both opportunities and hurdles in the coming year as growth in certain therapeutic areas is tempered by the impact of changing regulatory and market dynamics.
However, companies have the potential to mitigate challenges and continue to drive innovation by embracing AI-driven solutions and leveraging technology to optimize their drug-discovery and development processes. Furthermore, companies that can adopt M&A strategies that focus on profitability and growth in an increasingly competitive environment will be well positioned to build on pharmacology’s legacy of success.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Pure Life Healthcare Management is a client of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
2023 is at an end, which means it’s time to reflect on the top-performing NASDAQ pharma stocks year-to-date.
2023 presented challenges for the pharmaceutical market, including rising inflation, government-led drug price cap negotiations and waning demand for COVID-19 vaccines. However, the industry’s major underlying drivers — such as higher rates of cancer and chronic diseases — are still driving innovation in this sector.
Market cap: US$43.29 million; year-to-date gain: 286.88 percent; current share price: US$6.19
First up on this top-performing NASDAQ pharma stocks list is Minerva Neurosciences, a clinical-stage company that is developing therapeutic candidates geared at treating central nervous system diseases. The company’s portfolio includes roluperidone for negative symptoms of schizophrenia, and MIN-301 for Parkinson’s disease.
Market cap: US$240.87 million; year-to-date gain: 235.04 percent; current share price: US$3.90
Clinical-stage Inozyme Pharma is developing novel therapeutics for the treatment of rare diseases impacting the vasculature, soft tissue and skeleton. Its product pipeline inclues INZ-701, an enzyme replacement therapy.
Market cap: US$78.34 million; year-to-date gain: 235.23 percent; current share price: US$5.88
CASI Pharmaceuticals is acquiring, developing and commercializing pharmaceutical products and therapeutics with a focus on hematology oncology, as well as other areas of unmet medical need. Through its wholly owned subsidiary, CASI Pharmaceuticals (China), the company is working to launch medicines in the Chinese market.
Market cap: US$193.07 million; year-to-date gain: 221.83 percent; current share price: US$2.41
Applied Therapeutics is developing a pipeline of novel drug candidates in areas of high unmet medical need. The company’s lead drug candidate is govorestat, a novel central nervous system penetrant aldose reductase inhibitor for the treatment of central nervous system rare metabolic diseases, including galactosemia, sorbitol dehydrogenase (SORD) deficiency and PMM2-CDG. Its pipeline also includes treatments for diabetic cardiomyopathy and diabetic retinopathy.
Applied Therapeutics reached a number of milestones this year, and they steadily pushed its share price from US$0.70 at the start of the year to a year-to-date high of US$3.42 on December 12.
Market cap: US$158.91 million; year-to-date gain: 167.6 percent; current share price: US$2.39
Last on this list of the year’s top-performing NASDAQ pharma stocks is Aquestive Therapeutics, which is developing orally administered products as non-invasive alternatives to current standard therapies.
Aquestive’s portfolio includes: five commercialized products manufactured by the company and marketed by its licensees in the US and around the world; late-stage proprietary products focused on treating diseases of the central nervous system; and earlier-stage products for the treatment of severe allergic reactions, including anaphylaxis.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Canada’s pharma industry is a key contributor to the global pharma market. Here are the top Canadian pharma stocks by share price performance over the past year.
From established players to up-and-coming firms, Canada’s pharmaceutical landscape is diverse and dynamic.
In Q1, market watchers kept a close eye on pharma companies vying for the next major innovation.
Year-on-year gain: 161.29 percent; market cap: C$223.89 million; current share price: C$8.91
Cipher Pharmaceuticals is a specialty pharma company with a diverse portfolio of treatments, including a range of dermatology and acute hospital care products. The company has out-licensed some of its offerings as well.
Year-on-year gain: 20.22 percent; market cap: C$4.34 billion; current share price: C$12.07
Bausch Health Companies, formerly Valeant Pharmaceuticals International, is one of the largest pharma companies in Canada. Its headquarters are in Laval, Quebéc, where the company has research and laboratory facilities equipped with state-of-the-art equipment and technology that play a crucial role in driving its research and development efforts.
Year-on-year gain: 11.91 percent; market cap: C$102.14 million; current share price: C$8.55
BioSyent is a specialty pharma company focused on improving patients’ lives by licensing and acquiring innovative pharma products that are proven to be safe and effective with a track record of improving patient outcomes.
The company’s subsidiary, known as BioSyent Pharma, offers a diverse range of healthcare products, including over-the-counter, behind-the-counter and prescription options.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
What is the best way to invest in medical devices? The sector can be intimidating, but for interested investors it’s worth looking into.
The medical device market offers investors unique exposure to the overall life science space, especially in an era of fast-growing tech advancements in healthcare.
This industry covers a wide range of health and medical instruments used in the treatment, mitigation, diagnosis and prevention of diseases and physical conditions, and it continues to develop rapidly.
Examples of medical devices include neurostimulation devices, surgical implants, ultrasound imaging devices and robotic medical technology, along with insulin pumps and insulin pens for diabetes. Just as pharmaceutical companies seek to serve unmet needs, medical device companies do the same via innovative technologies.
Here the Investing News Network breaks down how to invest in medical devices and looks at what’s in store for the sector.
Before investing in medical device stocks, it helps to understand their goals. Medtech companies will often seek to show investors that their products are ready to enter the market and will be in demand right away — whether it be by serving a large demographic or by targeting a specific ailment in the population that has an unmet medical need.
Like firms pursuing drug approvals, medtech companies must conduct clinical trials to bring their products to market; they have to refine their technology and confirm efficacy and safety to get regulatory approvals.
Successfully completed clinical trials and product approvals are usually major catalysts for a company’s share price. A medical device stock can experience a large jump when announcing positive results from a recent trial or approval from a regulatory body such as Health Canada, the US Food and Drug Administration or an equivalent agency in Europe or Asia. On the other hand, poor results can have a negative impact.
Patentability also plays a big role in a medical device company’s value. Once a product has been patented, the company controls its every move and can choose to license it or make other deals to expand device reach.
For those who prefer to mitigate risk, exchange-traded funds (ETFs) are a safer way to put money into the market. With exposure to various companies, any potential decrease in one stock won’t significantly drive down overall ETF returns. ETFs hold assets such as stocks, commodities and bonds, and trade close to their net asset value.
Driving that growth will be an increase in diseases, particularly cancer and diabetes, plus cardiovascular, neurological, orthopedic and respiratory diseases, which are on the rise due to an aging population.
In short, with the future growth of the market anticipated to be in the billions, there are many opportunities for investing in the medical device industry.
This is an updated version of an article originally published by the Investing News Network in 2017.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Investors who want exposure to this wave of growth may want to consider NASDAQ medical device stocks. With 2023 nearing its end, here’s a look back at the top-performing NASDAQ medical device companies year-to-date.
Year-to-date gain: 540.43 percent; market cap: US$232.35million; current share price: US$8.84
The first top NASDAQ medical device stock on this list is commercial-stage NeuroPace. The company’s RNS System is the first and only commercially available, brain-responsive platform for the treatment of drug-resistant epileptic seizures. The platform also has the potential to treat patients with other brain disorders.
Year-to-date gain: 339.87 percent; market cap: US$670.21 million; current share price: US$12.18
Novel bioelectric medicine company Pulse Biosciences’ proprietary CellFX Nanosecond Pulsed Field Ablation (nsPFA) technology is designed to treat atrial fibrillation. The company believes there may also be other uses in cardiology for nsPFA.
Year-to-date gain: 88.88 percent; market cap: US$319 million; current share price: US$12.49
Next up on this list of the top NASDAQ medical device stocks is AVITA Medical, a regenerative medicine company developing and commercializing first-in-class devices and autologous cellular therapies for skin restoration.
Year-to-date gain: 35.55 percent; market cap: US$277.63 million; current share price: US$2.86
Accuray develops and commercializes radiation therapy technology used in oncology and neuro-radiosurgery, with the potential for applications in additional indications. Its products include the CyberKnife and TomoTherapy platforms.
Year-to-date gain: 34.08 percent; market cap: US$516.02 million; current share price: US$24.98
Top NASDAQ medical device stock CVRx is the developer of the world’s first FDA-approved neuromodulation device to treat symptoms of heart failure. The company’s proprietary novel baroreceptor neuromodulation therapies are designed to address imbalances of the autonomic nervous system that can lead to heart failure and other cardiovascular diseases.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Genetics investing drives research that may ultimately prevent major illnesses, making it one of the most important life science fields.
Genetics is the study of genes, their variations and hereditary characteristics, as well as how these traits are passed on through generations. So what is genetics investing?
When it comes to genetics investing, companies in this niche of the life science sector are mostly focused on four areas: DNA sequencing, genetic testing, gene therapy and genomics, which includes genome editing.
Here the Investing News Network provides a breakdown of each of these areas, looking at ways to invest in genetics and what could disrupt this ever-evolving market.
Before diving into investment opportunities in the genetics market, it’s important to understand the industry and the four key areas mentioned above. They are defined as follows:
The firm states that the market for DNA sequencing is being driven by technological advances, the increasing prevalence of cancer and rising demand for precision medicine, as well as higher investment in research and development. DNA sequencing has become a vital component of this growth and has played a key role in remodeling molecular biology and genomics research.
“The fast development of DNA sequencing technology is providing scientists with the capability to generate information about genetic variation and outlines of gene expression on an unparalleled scale,” the report explains.
Genetic testing is another segment of the genetics industry that is growing at a fast pace. Unsurprisingly, technology has had a huge impact on genetic testing, and so has the fact that governments and regulatory bodies are turning their attention to this market in order to regulate and raise awareness.
In the pharmaceutical sector, gene therapy is one of the more advanced treatment options, and gene therapy pipeline candidates are robust in late-stage clinical trials.
Finally, the global genomics market is seen reaching US$83.1 billion by 2028, achieving a CAGR of 12.4 percent from 2023 to 2028. As Markets and Markets notes, “the market is mainly driven by falling prices of sequencing technologies and initiatives by governments in various countries focusing on the use of genomics in personalized medicine.”
Biotech and pharmaceutical companies are also expressing interest in this sector, which is expected to further fuel genomics’ growth in the coming years.
For those looking to dive into the genetics sector, there are a wide range of investment opportunities to consider. Investing in stocks is the most common route, but there are risks due to the market’s volatility, especially when it comes to wins or losses with the US Food and Drug Administration (FDA).
For those who would prefer to invest in the genetics industry overall rather than an individual stock, ETFs are the way to go. Examples of genetics ETFs on the market include:
As can be seen, the genetics industry is vast and complex, but is also ripe with investment opportunities.
This is an updated version of an article originally published by the Investing News Network in 2015.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
One of its major contributions is the discovery of new genetic drivers of diseases. Genetic testing has grown substantially over the last few years thanks to advances in technology; growth has also been spurred by an increase in chronic diseases and the continuing development of test kits for therapeutic areas with unmet medical needs.
This important segment of the life science market is focused on how genes can help treat or prevent serious conditions in patients. This includes the potential for healthcare professionals to implement gene therapy at the cellular level instead of using medication or surgery, replacing “faulty” genes with new ones to potentially cure diseases.
Year-to-date gain: 316.74 percent; market cap: US$764.12 million; current share price: US$12.10
Through its expanded genetic code technology platform, clinical-stage biopharma company Ambrx Biopharma is discovering and developing engineered precision therapies. Its portfolio of advanced clinical and preclinical programs is designed to improve efficacy and safety in the treatment of a number of cancer indications, such as prostate and breast cancer.
Year-to-date gain: 336.96 percent; market cap: US$737.27 million; current share price: US$16.22
Global gene therapy leader Orchard Therapeutics is focused on discovering, developing and commercializing new treatments for genetic and other severe diseases. The company’s hematopoietic stem cell (HSC) gene therapy platform uses a patient’s own blood stem cells, which are genetically modified outside of the body and then reinserted. The aim is to address the underlying cause of disease in a single treatment.
The company will be initiating a global registrational trial in December to evaluate the efficacy and safety of OTL-203. This treatment candidate has received a rare pediatric disease designation from the FDA and priority medicine designations from the European Medicines Agency.
Year-to-date gain: 191.98 percent; market cap: US$230.52 million; current share price: US$7.05
Reneo Pharmaceuticals is a clinical-stage company working to develop and commercialize therapies for patients with rare genetic mitochondrial diseases. Its lead product candidate is mavodelpar, which has been shown to increase the transcription of genes involved in mitochondrial function and increase fatty acid oxidation; it may also increase the production of new mitochondria.
Year-to-date gain: 172.27 percent; market cap: US$62.36 million; current share price: US$3.30
Tempest Therapeutics is a clinical-stage oncology company advancing small-molecule therapeutics that modulate anti-tumor immunity pathways with the potential to treat a wide range of tumors. The company’s portfolio consists of clinical programs in various stages, from early research to investigational global studies.
Year-to-date gain: 124.32 percent; market cap: US$675.2 million; current share price: US$18.91
Clinical-stage biopharma company Biomea Fusion’s proprietary FUSION System has allowed it to discover, develop and advance a pipeline of covalent-binding therapeutic agents targeting genetically defined cancers and metabolic diseases.
Its lead investigational drug candidate, BMF-219, is a covalent menin inhibitor with three ongoing clinical trials: a Phase 1 study for its use in treating various leukemias, large B-cell lymphoma and multiple myeloma; a Phase 1/1b study for use in treating non-small cell lung cancer, colorectal cancer and pancreatic ductal adenocarcinoma; and a Phase 1/2 study for type 2 diabetes.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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