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3 Promising Biotech Stocks to Buy Right Now By StockNews

3 Promising Biotech Stocks to Buy Right Now © Reuters. 3 Promising Biotech Stocks to Buy Right Now

In addition to playing a crucial role in the fight against COVID-19, the biotech industry is focusing increasingly on developing solutions to treat other critical ailments. And given the industry’s solid growth prospects, we think it could be wise to bet on quality biotech stocks QIAGEN (QGEN), Exelixis (NASDAQ:EXEL), and Vanda Pharmaceuticals (NASDAQ:VNDA). Read on.The COVID-19 pandemic has accelerated the growth of the biotech industry, motivating it to move speedily to help the world fight the COVID-19 pandemic with vaccines and therapies. In addition, the continued spread of the highly contagious COVID-19 Delta variant is supporting sustained investor interest in the industry.

Companies’ increasing focus on this space and on finding cures for other incurable diseases should help the industry keep growing. According to Vision Research Reports, the global biotechnology market is expected to grow at a 16.8% CAGR between 2021 -2030. Regarding the biotech market’s performance, Miller Tabak’s Matt Maley recently told CNBC, “I think this is a great entry point for long-term investors and even short-term ones who like to be a little bit more on the active trading side of things.”

Though most biotech stocks are high-risk-high-reward investment propositions, we think it could be wise to bet now on fundamentally sound stocks QIAGEN N.V. (QGEN), Exelixis, Inc. (EXEL), and Vanda Pharmaceuticals Inc. (VNDA) to cash in on the industry’s growth.

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