Wall Street regards the healthcare sector as a constant source of innovation, while biotechnology stands at the pinnacle of groundbreaking medical advancements. The long-term potential of robust biotech stocks to buy remains undeniable for investors. As the summer season kicks in, several biotech companies exhibit characteristics that could ignite this potential summertime surge.
Promising clinical trial results, significant product launches, or strategic partnerships could drive this momentum. We should note that the benchmark S&P 500 index has notably gained nearly 12% year-to-date (YTD). Conversely, the SPDR S&P Biotech ETF (NYSEARCA: XBI ) has underperformed in the broader market, gaining only 1% YTD.
This disparity suggests the potential for a catch-up rally within the biotechnology sector. With that information, here are three biotech stocks to buy that could be prime candidates for significant growth in the second half of 2024. BioMarin Pharmaceuticals (BMRN) First up on our list of biotech stocks to buy is BioMarin Pharmaceuticals (NASDAQ: BMRN ).
This biotechnology company focuses on innovative therapies for rare genetic disorders, specializing in enzyme replacement therapies (ERTs). These therapies address the underlying cause of these conditions by introducing healthy copies of the deficient gene. BioMarin reported strong financial results for the first quarter of 2024 .
Total revenues climbed 9% year-over-year (YOY) to $648.8 million, fueled by a surge in demand f.