3 Biotech Stocks to Turn $10,000 Into $1 Million: February 2024

Stocks to buy

With new innovation, high demand for better treatment, pharmaceutical companies strengthening pipelines and a resurgence of mergers and acquisitions, biotech stocks could offer some of the most explosive opportunities of the year.

“What’s more, big pharmaceutical companies with sizable piles of cash and the need to address patent expirations on some top-selling products later this decade will be hunting for companies with innovative drugs in development,” says Morningstar.com. In fact, some of the top acquisition could be in obesity, oncology, gene therapy, mRNA and immunology companies.

In short, there’s a lot to get excited about when it comes to biotech stocks in 2024. Here are three to keep an eye on throughout the year.

Altimmune (ALT)

Altimmune logo on a bottle of vaccine. ALT stock.

Source: Vladimka production / Shutterstock

Viking Therapeutics (NASDAQ:VKTX) is a solid pick amongst obesity drug stocks as it’s gone from just under $10 in November to a current high of $35.66. But there’s another obesity treatment stock that could have similar potential: Altimmune (NASDAQ:ALT).

While ALT ran into some trouble with a short report recently, that weakness may be an opportunity for investors. In fact, as noted by analysts at Jefferies, the short report was “slim on substance” with “misinterpretation/mis-categorization of data related to Altimune’s GLP-1 drug pemvidutide,” as reported by Seeking Alpha

The firm added, “We see the pullback as a buying opportunity as ALT continues the discussions for potential partnership and prepares for the EOP2 [(end of Phase 2)] meeting with the FDA in 2H 2024.”

So far, ALT saw positive topline results in its Phase 2 obesity trial. It achieved a mean weight loss of 15.6% at 48 weeks with a 2.4 mg dose of pemvidutide. It also showed that 30% of patients saw weight loss of 20% or more at 48 weeks. These promising results could make Altimmune the perveyour of the next Ozempic.

Pyxis Oncology (PYXS)

A variety of pills, pill bottles, and droppers arranged on a table in multiple bright colors.

Source: Shutterstock

Pyxis Oncology (NASDAQ:PYXS) is a biotech company that creates antibody-drug conjugate (ADC) drugs that are designed to be a targeted cancer therapy treatment. While PYXS stock has already increased from a low of $1.16 to its current $4.56 in only 14 months, it could see further interest because of its involvement with ADC treatments.

According to Investing.com, “The technology platform of Pyxis Oncology allows for the development of homogeneous ADCs, employing a variety of linkers, payloads, and conjugation chemistry. This approach is considered the forefront of ADC development, similar to the strategy that led to the recent acquisition of Ambrx by Johnson & Johnson.”

Pfizer’s (NYSE:PFECEO, Albert Bourla, believes ADCs have become one of the hottest opportunities in oncology, which would explain why Pfizer recently acquired Seagen for $34 billion. Pfizer wants to acquire even more ADC companies which could mean good news for PYXS. 

PYXS is actively developing PYX-201 for investigating its potential in treating relapsed or refractory solid tumors. The U.S. Food and Drug Administration (FDA) has already granted Orphan Drug Designation (ODD) for PYX-201 in pancreatic cancer. Additionally, analysts at BTIG initiated coverage of PYXS with a buy rating and an $8 price target which is more positive news for Pyxis Oncology. The firm also highlighted the stock as a pure-play ADC.

ProShares Ultra NASDAQ Biotechnology ETF (BIB)

Modern Medical Research Laboratory with Computer, Microscope, Glassware with Biochemicals on the Desk. Scientific Lab Biotechnology Development Center Full of High-Tech Equipment. Biomedical technology stocks, RSLS Stock

Source: Gorodenkoff / Shutterstock.com

For investors who want to diversify with 225 biotech stocks for less than $60 a share, there’s the ProShares Ultra NASDAQ Biotechnology ETF (NASDAQ:BIB). With an expense ratio of 0.95%, the fund seeks daily investment results of two times the daily performance of the Nasdaq Biotechnology Index.

Since November, the ETF ran from a low of $41.74 to a recent high of $58.68. With a good deal of positive activity in the biotech sector and a history of going over $100 a share in 2021, BIB may reach $85 again soon. Some of its top holdings include Amgen (NASDAQ:AMGN), Biogen (NASDAQ:BIIB), Gilead Sciences (NASDAQ:GILD) and Vertex Pharmaceuticals (NASDAQ:VRTX).

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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