The biotech industry is thriving, driven by the burgeoning market for innovative therapies and advancements in biotechnological research. Hence, investors could consider investing in quality biotech stocks Theratechnologies Inc. (THTX), Harmony Biosciences Holdings, Inc. (HRMY), and Shionogi & Co., Ltd. (SGIOY) this month.
The U.S. Food and Drug Administration approved nearly 50% more novel drugs in 2023 compared to 2022, returning to historical approval rates. Analysts and investors anticipate this improvement could spur increased investment in biotech firms. Moreover, this year, the biotech industry expects significant growth in targeted protein degradation research and anticipates M&A deals to reach $225 billion to $275 billion.
