3 Top-Rated Biotech Stocks Wall Street Analysts Are Loving Now: January 2024

Group 1: Biotech Sector Overview - The biotech sector has massive potential due to the importance of health and the high prices commanded by firms producing therapeutics for human diseases [1] - Wall Street analysts closely monitor the sector, influencing investment decisions with their ratings [1] Group 2: Amylyx Pharmaceuticals (AMLX) - Amylyx Pharmaceuticals focuses on therapeutics for neurodegenerative diseases, particularly ALS, and is highly rated by analysts with seven 'Buy' ratings and one 'Overweight' rating [2] - The company's lead drug, Relyvrio, received FDA approval in 2022 and generated sales of $102.7 million in Q3 [3] - Positive Phase 3 trial results expected in March are crucial for further growth and potential European market approval [3] Group 3: Bio-Techne (TECH) - Bio-Techne produces diagnostic products and services rather than therapeutics, holding a strong 'Buy' rating from Wall Street [5] - The diagnostics market is projected to grow at a compound annual growth rate of 6.7% from 2024 to 2032, indicating steady growth [5] - The company has seen earnings growth of over 16% annually in the past five years, with expectations of more than 11% annual growth in the next five years [6] Group 4: Exelixis (EXEL) - Exelixis holds an 'Overweight' rating and has recently undergone a corporate restructuring to focus on its clinical programs [7] - The company laid off 175 employees, representing 13% of its workforce, to reduce costs and prioritize label expansions for its cancer drug Cabometyx [8] - The restructuring is expected to enhance overall company performance and is positively viewed by Wall Street analysts [8]