Jul 20, 2021 (StockMarket.com via COMTEX) -- Top Biotech Stocks For Your Watchlist This Week
Stocks around the world have been seeing some volatility lately on fears of the delta coronavirus variant affecting the economic recovery. That said, this brought the attention back to biotech stocks in the stock market. While the broader stock market shows signs of weakness, some of the top gainers in this week belong to the biotech industry. After all, they are usually more dependent on any new progress in the company's clinical trials than market sentiments.
We need to look no further than NRx Pharmaceuticals ( NASDAQ: NRXP ) that soared by nearly 30% this week. It was driven by the news of the company's ZYESAMI(TM) showing evidence that it helps prevent the spike in cytokine count in patients with COVID-19. This matters because it affects the mortality in patients affected by the virus. So, could it be the next Novavax ( NASDAQ: NVAX ), which showed over 2000% gains in 2020? Without further ado, let us review some of the top biotech stocks in the stock market this week.
Best Biotech Stocks To Watch This Week
Moderna Inc ( NASDAQ: MRNA )
Kymera Therapeutics Inc ( NASDAQ: KYMR )
Johnson & Johnson ( NYSE: JNJ )
Cytokinetics, Inc ( NASDAQ: CYTK )
First, we have one of the pioneers in developing the COVID-19 vaccine, Moderna. In detail, the company engages in transformative medicines based on messenger ribonucleic acid (mRNA). It is pursuing mRNA science to minimize the unwanted activation of the immune system and to maximize the potency of mRNA. The company's stock has been back in focus recently. It has risen over 50% just within the past month.
With the rising concern of the COVID-19, the government of Argentina has agreed upon a supply agreement for 20 million doses of Moderna's COVID-19 vaccine earlier this month. Also, any updated variant booster vaccine candidate will be rolled out if authorized. We will see the delivery commence in the first quarter of 2022. Safe to say, Moderna's coronavirus vaccine is still in high demand as we strive to eradicate this pandemic.
The company will be announcing its second-quarter earnings report on August 5. It may not be realistic to expect the same level of growth as the first quarter. But, investors will still be keen to see if Moderna could maintain or improve upon its exceptional first-quarter figures. For the first quarter, revenue was an impressive $1.94 billion, compared to a mere $8.4 million the prior year. Meanwhile, its net income totaled $1.22 billion. What's more, the company will join the S&P 500 on Wednesday. Would you consider MRNA stock a top biotech stock to watch?
Kymera Therapeutics Inc
Following that, we have the biopharmaceutical company headquartered in Massachusetts, Kymera Therapeutics. Essentially, the company focuses on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins. KYMR stock has been showing positive signs of recovery over the past month, netting gains of over 15%. So, let us see what could be the catalyst for this price action.
Last week, the company announced new preclinical data showing the potential of its STAT3 degraders for the treatment of peripheral T-cell lymphoma (PTCL) with aberrant STAT3 activation. Kymera has shown that its STAT3 degraders are able to achieve greater than 90% degradation of mutant as well as wild-type STAT3. Hence, it could result in downregulation of STAT3-dependent genes and broad antitumor activity across both T-cell and T-cell subtypes of PTCL. This is significant as STAT3 has long been considered an "undruggable" target.