The numbers are staggering. Over the next six years, the biotech market is expected to add $593 billion in value – a 419% leap over the size of today's biotech market.
Growth like this is why Wall Street is rushing hand over foot to buy the most lucrative biotech companies available. In just the last eight months, biotech acquisitions have totaled an astonishing $17 billion.
But not every biotech stock is worth owning. Far from it.
With hundreds of biotech stocks on the market, identifying the best biotech stocks to buy is incredibly difficult.
However, using the Money Morning Stock VQScore™, we've identified one biotech stocks that is on track to deliver triple-digit returns.
In fact, our top biotech stock could skyrocket 130% higher…
Top Biotech Stock to Buy: Exelixis Inc.
Located in Alameda, California, Exelixis Inc. (Nasdaq: EXEL) focuses on developing new treatments for a wide range of cancers using genomics – the study and editing of genomes.
The company's flagship drug, Cometriq, is a breakthrough treatment for medullary thyroid cancer.
Since receiving approval for Cometriq in 2012, Exelixis has struck several deals to distribute Cometriq internationally, boosting the company's gross profits by 136% between 2016 and 2017.
In 2016, the U.S. Food and Drug Administration gave Exelixis approval to use cabozantinib, the underlying drug in Cometriq, to treat kidney cancer, considerably expanding the market size of the company's flagship drug.
With the European Union granting similar approval in May, Exelixis is likely to outpace expectations for the foreseeable future. In fact, it already is: Exelixis beat Q2 earnings estimates last month by a staggering 75%.
This kind of performance has led analysts to give Exelixis a high price target of $40 – a 136% increase over today's price of $18.
That's a great return from one of the biotech industry's cutting-edge companies. Full story at Money Morning
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