Biotech Stocks to Watch in May: Alkermes and Nippon Shinyaku are Strong Buys
The biotech industry is poised for growth in 2023 with breakthrough developments and increased investments. Despite economic headwinds, the SPDR S&P Biotech ETF (XBI) has gained 5.1% in the past month, indicating investor confidence.
Alkermes plc (ALKS) and Nippon Shinyaku Co., Ltd. (NPPNY) are two strong biotech stocks that merit consideration, according to a proprietary rating system. The biotech market is projected to hit $10.13 trillion by 2030, growing at a CAGR of 29%.
The pandemic has accelerated the adoption of digitalization, telemedicine, and personalized medicine, expected to propel the industry forward. The market for personalized medicine and companion diagnostics is also expected to grow due to rare diseases and advancements in human genome understanding.
Industry experts suggest that even in a recession, biotech companies will continue to perform well. Alkermes plc (ALKS) researches, develops, and commercializes pharmaceutical products to address unmet medical needs, while Nippon Shinyaku Co., Ltd. (NPPNY) manufactures and sells pharmaceuticals and foodstuffs.
In summary, biotech stocks such as Alkermes and Nippon Shinyaku present ideal buying opportunities as the industry continues to thrive on the back of breakthrough developments, investments, and digitalization.
Conclusion:
In conclusion, the biotech industry is expected to continue thriving this year due to breakthrough developments and increasing investments. Alkermes plc (ALKS) and Nippon Shinyaku Co., Ltd. (NPPNY) are two fundamentally strong biotech stocks that are worth considering as ideal buys. The pandemic has accelerated the shift towards digitalization, telemedicine, and personalized medicine, which are expected to drive growth in the industry. Moreover, the market for personalized medicine and companion diagnostics is expected to grow due to the increasing prevalence of rare diseases and advancements in understanding the human genome. Despite economic headwinds, biotech companies are expected to continue performing well, according to industry experts.