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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

Price Valuation Financials Forecast Earnings & Revenue Dividends Ownership Technicals

Ticker	Company	Zen Score	Valuation Score	Financials Score	Forecast Score	Performance Score	Dividends Score
CORT	CORCEPT THERAPEUTICS INC	67	71	71	56	70	–
INCY	INCYTE CORP	64	86	86	56	30	–
HRMY	HARMONY BIOSCIENCES HOLDINGS INC	62	57	57	56	80	–
PBYI	PUMA BIOTECHNOLOGY INC	61	57	71	44	70	–
BMRN	BIOMARIN PHARMACEUTICAL INC	60	43	100	56	40	–
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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. Corcept Therapeutics (NASDAQ:CORT)

Corcept Therapeutics (NASDAQ:CORT) is the top biotech stock with a Zen Score of 67, which is 44 points higher than the biotech industry average of 23. It passed 22 out of 33 due diligence checks and has strong fundamentals. Corcept Therapeutics has seen its stock return 12.67% over the past year, overperforming other biotech stocks by 34 percentage points.

Corcept Therapeutics has an average 1 year price target of $40.67, an upside of 50.4% from Corcept Therapeutics's current stock price of $27.04.

Corcept Therapeutics stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 3 analysts covering Corcept Therapeutics, 66.67% have issued a Strong Buy rating, 33.33% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% 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 -16.99% over the past year, overperforming other biotech stocks by 4 percentage points.

Incyte has an average 1 year price target of $74.92, an upside of 41.2% from Incyte's current stock price of $53.06.

Incyte stock has a consensus Buy recommendation according to Wall Street analysts. Of the 13 analysts covering Incyte, 30.77% have issued a Strong Buy rating, 23.08% have issued a Buy, 46.15% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

3. Harmony Biosciences Holdings (NASDAQ:HRMY)

Harmony Biosciences Holdings (NASDAQ:HRMY) is the third best biotech stock with a Zen Score of 62, which is 39 points higher than the biotech industry average of 23. It passed 21 out of 33 due diligence checks and has strong fundamentals. Harmony Biosciences Holdings has seen its stock lose -15.81% over the past year, overperforming other biotech stocks by 5 percentage points.

Harmony Biosciences Holdings has an average 1 year price target of $39.80, an upside of 32.05% from Harmony Biosciences Holdings's current stock price of $30.14.

Harmony Biosciences Holdings stock has a consensus Hold recommendation according to Wall Street analysts. Of the 5 analysts covering Harmony Biosciences Holdings, 40% have issued a Strong Buy rating, 20% have issued a Buy, 0% have issued a hold, while 20% have issued a Sell rating, and 20% 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 57.95%, which is 43 percentage points higher than the biotech industry average of 15.21%.

Mei Pharma's dividend payout ratio of 44.6% 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 15.21%. 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 47.8% 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 0.4%, which is -15 percentage points lower than the biotech industry average of 15.21%. 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 25.2% indicates that its dividend yield is sustainable for the long-term.

Why are biotech stocks down?

Biotech stocks were down -1.62% in the last day, and down -2.51% over the last week. Macrogenics was the among the top losers in the biotechnology industry, dropping -77.44% yesterday.

MacroGenics shares are trading lower after the company reported worse-than-expected Q1 financial results.

What are the most undervalued biotech stocks?

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

1. Incyte (NASDAQ:INCY)

Incyte (NASDAQ:INCY) is the 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 -16.99% in the past year. It has overperformed other stocks in the biotech industry by 4 percentage points.

2. Royalty Pharma (NASDAQ:RPRX)

Royalty Pharma (NASDAQ:RPRX) is the second most undervalued biotech stock based on WallStreetZen's Valuation Score. Royalty Pharma 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.

Royalty Pharma's stock has dropped -17.04% in the past year. It has overperformed other stocks in the biotech industry by 4 percentage points.

3. Corcept Therapeutics (NASDAQ:CORT)

Corcept Therapeutics (NASDAQ:CORT) is the third most undervalued biotech stock based on WallStreetZen's Valuation Score. Corcept Therapeutics 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.

Corcept Therapeutics's stock has gained 12.67% in the past year. It has overperformed other stocks in the biotech industry by 34 percentage points.

Are biotech stocks a good buy now?

50% of biotech stocks rated by analysts are a strong buy right now. On average, analysts expect biotech stocks to rise by 84.9% 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 6.42x.

WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.