3 pharma stocks for your watchlist right now
For investors wondering what are the best stocks to invest in today, pharmaceutical stocks would be an interesting piece. Overall, this part of the stock Exchange is home to companies of varying sizes and specializations. The likes that serve to help people around the world suffering from various illnesses and diseases. Couple that with the current uncertainty in the markets and it wouldn’t be too surprising to see investors considering pharma stocks today.
Take Ikena Oncology (NASDAQ: IKNA) for example. Overall, the company just announced today that the Food and Drug Administration (FDA) has granted Fast Track designation for IK-930. This designation is intended to expedite the development and review of drugs for serious conditions with unmet medical needs. In particular, IK-930 is a novel TEAD inhibitor that targets the HIPPO signaling pathway, in patients with unresectable NF2-deficient malignant pleural mesothelioma (MPM). Essentially, MPM is a rare type of cancer that resides in the lungs and chest cavity.
At the same time, relatively larger companies like BioMarin Pharmaceutical (NASDAQ: BMRN) are also making headlines. As of yesterday, the Japanese Ministry of Health, Labor and Welfare grants approval for registration of BioMarin’s Voxzogo treatment. In short, Voxzogo is a modified C-type natriuretic peptide that directly targets the underlying pathophysiology of achondroplasia. Additionally, Voxzogo will be used by injection to treat achondroplasia in children of all ages. If all of this excites you about pharma stocks, here are three more to watch in the stock market today.
Pharmaceutical stocks to watch today
AbbVie is a biopharmaceutical company that was a spin-off of Abbott Laboratories (New York Stock Exchange: ABT). As a result, the company discovers, develops and markets advanced therapies that continue to improve quality of life and save millions of lives. Today, it has around 50,000 employees working around the world to help patients. On Tuesday, the company announced some exciting news.
While diving, he announced that he had submitted a supplemental new drug application (sNDA) for atogepant to the FDA. Atogepant accompanies the preventive treatment of chronic migraine in adults. If approved, atogepant would be the first gepant (oral calcitonin gene-linked peptide receptor antagonist) for the broad indication of migraine preventive treatment, including episodic and chronic. “Having a single oral medication to treat both episodic and chronic migraine would be a significant breakthrough for healthcare providers and patients alike,” said Michael Gold, MD, Therapeutic Area Lead, Neuroscience Development, AbbVie. “This sNDA approval would also diversify AbbVie’s migraine portfolio and make it the only company to offer two approved preventive treatments for people with chronic migraine. No two migraine patients are alike, so having multiple treatment options with unique mechanisms of action is essential.
The company appears to be firing on all cylinders, as it received FDA approval for Risankizumab-rzaa last week. It is the first and only specific interleukin-23 (IL-23) inhibitor for the treatment of adults with moderate to severe active Crohn’s disease. In two induction and one maintenance clinical trials, risankizumab-rzaa demonstrated significant improvements in endoscopic response. All things considered, is ABBV stock worth watching right now?
ANI Pharmaceuticals Inc.
then, we have ANI Pharmaceuticals, a diversified biotechnology company that serves patients by developing and manufacturing high-quality branded and generic prescription pharmaceutical products. It is also focused on sustainable growth by building on its successful Purified Controphin Gel franchise. The company has a fully automated solid dose packaging line that offers complete assembly from bottle unraveling to packaging.
As for today’s news, ANI’s stock may be in focus after the company’s latest nod to the FDA. Namely, ANI’s clorazepate dipotassium tablets now have Abbreviated New Drug Application (ANDA) approval from the FDA. With an ANDA, the company can now manufacture and market the treatment. According to CEO Nikhil Lalwani, this serves to strengthen ANI’s core business. Overall, Lalwani also says, “The imminent launch and commercialization of clorazepate dipotassium tablets is another example of our continued commitment to ensuring that patients in need have access to important treatments.”
On June 21, 2022, the company announced a collaboration with Veeva systems (NYSE: VEEV) to define and operationalize data-driven business strategies for ANI’s new rare disease business unit. Through this collaboration, ANI will have a stronger digital foundation that will support its patient-centric marketing approach. That being said, is ANI stock one of the top pharma stocks to consider investing in?
Merck & Co. Inc.
Last but not least, we have the global biopharmaceutical company, Merck. In short, the company offers health solutions through its prescription drugs, vaccines, biological therapies and animal health products. In particular, the company’s two main operating segments are pharmaceuticals and animal health. Overall, Merck’s Pharmaceuticals segment includes human health pharmaceuticals and vaccines. Meanwhile, the Animal Health segment creates, manufactures and sells a variety of veterinary and vaccination pharmaceutical products.
Today, Merck announced that the FDA has approved an expanded indication for Vaxneuvance. Also known as the 15-valent pneumococcal conjugate vaccine, it is used for the prevention of pneumococcal disease in infants and children aged 6 weeks to 17 years. This FDA approval was based on data from seven randomized, double-blind clinical studies. Essentially, a four-dose pediatric series of Vaxneuvance was found to be non-inferior to the 13-valent pneumococcal conjugate vaccine.
Yesterday, Merck and Astra Zeneca (NASDAQ:AZN) announced that the results of the Phase 3 PROpel trial have been published in NEJM Evidence. In conclusion, the trial results showed that Lynparza in combination with abiraterone and prednisone significantly improved radiographic progression-free survival (rPFS). This is compared to abiraterone plus prednisone, the standard of care, as first-line therapy for patients with metastatic castration-resistant prostate cancer (mCRPC) with or without HRR gene mutations. Given the positive outlook, is MRK stock worth adding to your watchlist?
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