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 4,634.21 on June 24. 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.
The top NASDAQ biotech companies have seen sizeable share price increases this past year. For those interested in investing in biotech companies, here are the top gainers outlined below.
Year-to-date gain: 416.67 percent; market cap: US$152.17 million; share price: US$2.79
Elevation Oncology’s focus is on developing cancer therapies targeting a range of solid tumors. The company’s oncology pipeline is based on its expertise in antibody-drug conjugates (ADC) and includes lead candidate EO-3021, which is designed to target solid tumors associated with gastric, gastroesophageal junction, pancreatic or esophageal cancers.
Elevation Oncology’s share price reached the highest point in 2024 on March 1, hitting US$5.01. While it’s no longer at that peak, the company’s stock is still up considerably from the start of the year.
Year-to-date gain: 287.92 percent; market cap: US$171.69 million; share price: US$5.77
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: 201.25 percent; market cap: US$90.58 million; share price: US$9.67
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.
Year-to-date gain: 151.11 percent; market cap: US$452.81 million; share price: US$6.78
Eliem has also completed a US$120 million private placement bringing its total cash and cash equivalents of approximately US$220 million. The company says its planned operations are now sufficiently funded into 2027, and expects to initiate Phase 2 clinical trials of TNT119 this year.
Eliem is another NASDAQ biotech stock that had a great second quarter this year, posting a year-to-date high of US$10.20 on May 7.
Year-to-date gain: 128.77 percent; market cap: US$129.03 million; share price: US$1.87
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$2.91 on June 12.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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