11 Biotech Stocks With Biggest Upside In 2023

In recent years, the Biotech industry has been booming with exponential growth, thanks to significant advancements in the technology and the scope of its application. This has given birth to a number of highly profitable companies and brands working on biotech products and solutions targeted toward vast sections of the demographic.

And while these brands are flourishing through their solutions, they have also created a whole range of profitable stock options to invest in. Let’s have a look at some of the best biotech stocks with upside in 2023 so you can invest in the right stocks to save higher returns in the future.

  1. Moderna, Inc. (NASDAQ:MRNA)

Based out of Cambridge, Massachusetts, Moderna specializes in developing mRNA therapeutics and vaccines. They have developed a COVID-19 vaccine as well. Due to their vaccine sales, Moderna Inc. drove a revenue of $19.3 billion in 2022, which was a gigantic 2303% increase from $803 million in 2021. The company leads the mRNA industry with its ranging pipeline of 37 mRNA products for treating various diseases.

  2. Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)

Madrigal is a popular biotechnology company developing therapies for metabolic and liver diseases like non-alcoholic steatohepatitis (NASH). Lately, in July 2023, they reported positive results from its Phase 3 trial of resmetirom and planned to submit an NDA to the Food and Drug Administration in the 1st quarter of 2024. If resmetirom gets an approval and captures a large market share, investing in Madrigal could result in high returns.

  3. Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Based in Pennsylvania, Harmony specializes in WAKIX, an oral drug used to treat narcolepsy in adults. In the 2nd Quarter of 2023, Harmony reported net sales of $93.9 million, 54% higher than the same quarter in the previous year. They also discovered positive results for WAKIX in pediatric patients. They have the opportunity to expand the market for WAKIX, which could uplift your returns.

  4. Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Ultragenix has the expertise in developing novel products to treat rare and ultra-rare genetic diseases. They reported a revenue of $108.3 million in 2023’s 2nd quarter. This is an increase of 21% year-over-year. They have a diverse pipeline with 14 products for different indications. Ultragenix has the potential to tackle highly unmet genetic diseases and expand globally.

  5. Horizon Therapeutics (NASDAQ:HZNP)

Horizon Therapeutic is a biotech giant selling rare and rheumatic disease treatments. They reported a revenue of $3.23 billion back in 2021. And this was a 47% year-over-year growth. Horizon has three approved products that include: TEPEZZA, KRYSTEXXA, UPLIZNA. Adding to it, they have a pipeline of 11 products.

  6. Vertex Pharmaceuticals (NASDAQ:VRTX)

Cystic fibrosis is a vicious disease, and Vertex Pharmaceuticals sells treatments for the same along with other rare diseases. Their revenue in 2022 settled down at $8.93 billion, 18% YoY growth. They have three approved products: KALYDECO, TRIKAFTA/KAFTRIO, SYMDECO/SYMKEVI.

  7. Regeneron Pharmaceuticals (NASDAQ:REGN)

Regeneron researches and develops life-transforming treatments of severe diseases. They received a massive revenue of $12.2 billion in 2022, increasing it by 104% year-over-year. The company has a pipeline of 14 different products, with their three approved products called REGEN-COV, EYLEA, and Dupixent.

  8. Exelixis, Inc. (NASDAQ:EXEL)

Exelexis is a biotech company that discovers genome-based drugs and treatments for various types of cancers. Their revenue reached $1.61 billion in 2022, more than 18% from the same period in the previous year. They have two approved products, CABOMETYX and COMETRIQ that are approved by FDA and help treat medullary thyroid cancer.

  9. Halozyme Therapeutics (NASDAQ:HALO)

Halozyme produces oncology therapies to treat diseases like tumor microenvironments. They had a revenue of $660 million in 2022, which was a boost of 49% year-over-year. They have been in the business for almost 25 years and have a high chance of great returns.

  10. MiMedx Group, Inc. (NASDAQ:MDXG)

MiMedx is a company that develops placental biologics for wound care and therapeutic treatments. In 2022, they hit a revenue of $267.8 million, a slight growth of 3.6% year-over-year. With a pipeline of 14 products and three approved ones, MiMedx’s stock has been on the rise for quite a while now.

Parting Thoughts

Once underperforming, the U.S. biotech sector is reviving now. 2023 promises substantial growth opportunities in the biotech sector. But to encash this chance and raise your return graph, investing in biotech stocks with the biggest upside is the right way to go.