Stocks to buy

These Are the ONLY 3 Biotech Stocks to Consider in August 2023

The world may be on the mend from the grip of the global pandemic, but the consistent drumbeat for medical innovation remains as unyielding as ever. Amid this backdrop, Biotech stocks present a beacon of hope for humanity and a compelling avenue for savvy investors. Delving into the best biotech stocks offers a chance to back businesses spearheading these life-altering breakthroughs and potentially reap massive dividends.

American pharmaceutical giants, often overshadowed in global conversations, have effectively shown an uncanny knack for generating staggering profits, catapulting their stock prices to new heights. In particular, the U.S. stands out as fertile ground for this sector. Yet, many top biotech stocks remain under the radar, and the Street underestimated their potential to market within American shores successfully. Transitioning into this dynamic space could be an astute long-term move for those aiming to diversify and fortify their portfolios.

Amgen Incorporated (AMGN)

Source: Michael Vi /

Amgen Incorporated’s stock (NASDAQ:AMGN), a prominent name in the biotech realm, is sizzling this month with a commendable rebound of over 11.5%. The company’s improving fundamentals, underscored by solid volume and revenue growth in its core drugs, signal a positive trajectory poised for continued ascent. In a significant development, Amgen celebrated a double victory recently as not one but two of its cancer drugs blew past the clinical study barriers. It’s worth noting that these studies are notoriously challenging, with many contenders falling by the wayside.

But what amplifies Amgen’s allure is its financial backbone. Its second-quarter results showed a Non-GAAP earnings-per-share of $5, effortlessly outpacing predictions by 51 cents. Its revenues also touched $6.98B, marking a 5.9% year-on-year growth, beating expectations by $300 million. In 2023, the company projects revenues ranging between $26.6 billion to $27.4 billion. Moreover, Amgen’s global footprint is impressive, with a whopping 46% of its net revenue streaming in from the Asian-Pacific markets. Such global diversification is invaluable, allowing biotech giants like Amgen to tap into many lucrative avenues.

Exelixis Incorporated (EXEL)

The logo for Exelixis is displayed on a phone.


Among the top biotech stocks making waves is Exelixis Incorporated (NASDAQ:EXEL). Widely recognized for CABOMETYX, a groundbreaking medicine targeting renal cell carcinoma and liver cancers, the company has effectively cemented its position in the burgeoning biotech space.

Not one to rest on its laurels, Exelixis focuses on understanding intricate tumor mechanisms, experimenting with diverse drug combinations and amplifying treatment success rates. Current endeavors see the firm branching out into colorectal and prostate cancer treatments. This strategic expansion broadens their therapeutic offerings and harnesses invaluable data from clinical trials.

CABOMETYX alone delivered $410 million in revenues for the company in its second quarter. Rounding off another earnings and revenues beat in the second quarter, the firm’s foray into different cancer treatments ranks it among the top biotech stocks to buy.

ImmunoGen (IMGN)

Biochemical/biotech research scientist team working with microscope

Source: Mongkolchon Akesin /

ImmunoGen (NASDAQ:IMGN) is a biotech titan currently at the forefront of pioneering antibody-drug conjugate (ADC) technology, a revolutionary approach in the fight against cancer. ADCs, in essence, are lethal cancer toxins hitched to specific antibodies through biodegradable linkers, offering targeted means to combat the disease. The company has identified the perfect blend of cancer targets, antibodies, payloads and linkers in developing its ADCs.

Elahere, ImmunoGen’s flagship ovarian cancer drug, is already making its mark in the market. The company’s research pipeline is also bustling with long-term potential, including multiple drugs across different developmental phases. Interestingly, a recent Elahere test yielded positive outcomes in May, indicating its potential as a secondary cancer treatment.

Moreover, it reported second-quarter sales of $83.15 million, effortlessly surpassing analysts’ projections of $46.6 million. Consequently, IMGN stock has skyrocketed by a staggering 228% this year, echoing the market’s confidence in its trajectory.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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