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Best Biotech Stocks to Buy Now (2024)
Top biotech stocks in 2024 ranked by overall Zen Score. See the best biotech stocks to buy now, according to analyst forecasts for the biotechnology industry.

Industry: Biotechnology
OverviewZen Score
PriceValuationFinancialsForecastEarnings & RevenueDividendsOwnershipTechnicals
Ticker
Company
Zen Score
Valuation Score
Financials Score
Forecast Score
Performance Score
Dividends Score
HRMY
HARMONY BIOSCIENCES HOLDINGS INC
66
71
57
56
80
–
INCY
INCYTE CORP
64
86
86
56
30
–
AMLX
AMYLYX PHARMACEUTICALS INC
63
71
86
44
50
–
UTHR
UNITED THERAPEUTICS CORP
61
71
100
22
50
–
EXEL
EXELIXIS INC
60
71
86
44
40
–

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Use Zen Score to quickly analyze stock fundamentals, even if you don't have a finance background. We run time-tested due diligence checks inspired by legendary investors like Warren Buffett, and score each company based on how many they pass/fail.

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Biotech Stocks FAQ

What are the best biotech stocks to buy right now in May 2024?

According to Zen Score, the 3 best biotechnology stocks to buy right now are:

1. Harmony Biosciences Holdings (NASDAQ:HRMY)


Harmony Biosciences Holdings (NASDAQ:HRMY) is the top biotech stock with a Zen Score of 66, which is 43 points higher than the biotech industry average of 23. It passed 22 out of 33 due diligence checks and has strong fundamentals. Harmony Biosciences Holdings has seen its stock lose -5.65% over the past year, overperforming other biotech stocks by 18 percentage points.

Harmony Biosciences Holdings has an average 1 year price target of $37.33, an upside of 20.78% from Harmony Biosciences Holdings's current stock price of $30.91.

Harmony Biosciences Holdings stock has a consensus Buy recommendation according to Wall Street analysts. Of the 6 analysts covering Harmony Biosciences Holdings, 33.33% have issued a Strong Buy rating, 33.33% have issued a Buy, 0% have issued a hold, while 16.67% have issued a Sell rating, and 16.67% have issued a Strong Sell.

2. Incyte (NASDAQ:INCY)


Incyte (NASDAQ:INCY) is the second best biotech stock with a Zen Score of 64, which is 41 points higher than the biotech industry average of 23. It passed 20 out of 33 due diligence checks and has strong fundamentals. Incyte has seen its stock lose -30.91% over the past year, underperforming other biotech stocks by -8 percentage points.

Incyte has an average 1 year price target of $74.69, an upside of 43.5% from Incyte's current stock price of $52.05.

Incyte stock has a consensus Buy recommendation according to Wall Street analysts. Of the 13 analysts covering Incyte, 23.08% have issued a Strong Buy rating, 23.08% have issued a Buy, 53.85% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

3. Amylyx Pharmaceuticals (NASDAQ:AMLX)


Amylyx Pharmaceuticals (NASDAQ:AMLX) is the third best biotech stock with a Zen Score of 63, which is 40 points higher than the biotech industry average of 23. It passed 20 out of 33 due diligence checks and has strong fundamentals. Amylyx Pharmaceuticals has seen its stock lose -93.65% over the past year, underperforming other biotech stocks by -70 percentage points.

Amylyx Pharmaceuticals has an average 1 year price target of $11.00, an upside of 507.73% from Amylyx Pharmaceuticals's current stock price of $1.81.

Amylyx Pharmaceuticals stock has a consensus Buy recommendation according to Wall Street analysts. Of the 5 analysts covering Amylyx Pharmaceuticals, 40% have issued a Strong Buy rating, 20% have issued a Buy, 40% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

What are the biotech stocks with highest dividends?

Out of 3 biotech stocks that have issued dividends in the past year, the 3 biotech stocks with the highest dividend yields are:

1. Mei Pharma (NASDAQ:MEIP)


Mei Pharma (NASDAQ:MEIP) has an annual dividend yield of 57.38%, which is 42 percentage points higher than the biotech industry average of 15.1%.

Mei Pharma's dividend payout ratio of 58.9% indicates that its high dividend yield is sustainable for the long-term.

2. Novo Nordisk A S (NYSE:NVO)


Novo Nordisk A S (NYSE:NVO) has an annual dividend yield of 1.07%, which is -14 percentage points lower than the biotech industry average of 15.1%. Novo Nordisk A S's dividend payout is not stable, having dropped more than 10% nine times in the last 10 years. Novo Nordisk A S's dividend has shown consistent growth over the last 10 years.

Novo Nordisk A S's dividend payout ratio of 38.1% indicates that its dividend yield is sustainable for the long-term.

3. Bio Techne (NASDAQ:TECH)


Bio Techne (NASDAQ:TECH) has an annual dividend yield of 0.51%, which is -15 percentage points lower than the biotech industry average of 15.1%. Bio Techne's dividend payout is not stable, having dropped more than 10% one times in the last 10 years. Bio Techne's dividend has shown consistent growth over the last 10 years.

Bio Techne's dividend payout ratio of 22.7% indicates that its dividend yield is sustainable for the long-term.

Why are biotech stocks down?

Biotech stocks were down -0.78% in the last day, and down -0.33% over the last week. Nrx Pharmaceuticals was the among the top losers in the biotechnology industry, dropping -27.32% yesterday.

NRx Pharmaceuticals shares are trading lower after the company announced findings from its Phase 2b/3 trial of NRX-101 vs. Lurasidone.

What are the most undervalued biotech stocks?

Based on WallStreetZen's Valuation Score, the 3 most undervalued biotech stocks right now are:

1. Royalty Pharma (NASDAQ:RPRX)


Royalty Pharma (NASDAQ:RPRX) is the most undervalued biotech stock based on WallStreetZen's Valuation Score. Royalty Pharma has a valuation score of 100, which is 86 points higher than the biotech industry average of 14. It passed 7 out of 7 valuation due diligence checks.

Royalty Pharma's stock has dropped -21.6% in the past year. It has overperformed other stocks in the biotech industry by 2 percentage points.

2. Incyte (NASDAQ:INCY)


Incyte (NASDAQ:INCY) is the second most undervalued biotech stock based on WallStreetZen's Valuation Score. Incyte has a valuation score of 86, which is 72 points higher than the biotech industry average of 14. It passed 6 out of 7 valuation due diligence checks.

Incyte's stock has dropped -30.91% in the past year. It has underperformed other stocks in the biotech industry by -8 percentage points.

3. Avrobio (NASDAQ:AVRO)


Avrobio (NASDAQ:AVRO) is the third most undervalued biotech stock based on WallStreetZen's Valuation Score. Avrobio has a valuation score of 71, which is 57 points higher than the biotech industry average of 14. It passed 5 out of 7 valuation due diligence checks.

Avrobio's stock has gained 41.84% in the past year. It has overperformed other stocks in the biotech industry by 65 percentage points.

Are biotech stocks a good buy now?

49.42% of biotech stocks rated by analysts are a strong buy right now. On average, analysts expect biotech stocks to rise by 89.97% over the next year.

What is the average p/e ratio of the biotechnology industry?

The average P/E ratio of the biotechnology industry is 14.91x.
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