In this article, we will discuss: 10 Best Biotech Stocks to Invest In According to Billionaire Steve Cohen.
On April 30, Bloomberg reported that Steve Cohen resigned as president of Point72 Asset Management, and Harry Schwefel was appointed co-CIO. Cohen retained his chairman and CEO positions and established an executive committee to steer strategy. “Over the past few years, our firm has grown across virtually every metric,” Cohen said, pointing out AUM, headcount, and global reach. He added that he wants a structure that matches scale and ambition. Schwefel will collaborate closely with macro and quantitative heads.
Point72 grew after expanding to outside investors in 2018, with assets reaching $50 billion as of April 1. According to a person familiar with the matter, the firm’s returns this year until April 23 were 7.5%, up 3.5% from 17.5% in 2025. Bloomberg reported double-digit rises spanning multiple years since 2018. Cohen said, “I remain fully committed to driving innovation and the strategic direction of the firm.”
With that said, here are the 10 Best Biotech Stocks to Invest In According to Billionaire Steve Cohen.
Methodology:
To curate our list of Steven Cohen’s 10 best Biotech stocks, we scanned Point72 Asset Management’s Q4 2025 13F filings, using Insider Monkey’s 13F database. We have limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds. The stocks are ranked in ascending order of Point72 Asset Management’s stake value.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10. Relay Therapeutics, Inc. (NASDAQ:RLAY)
Point72 Asset Management: $117,248,595
On April 29, 2026, H.C. Wainwright hiked Relay Therapeutics, Inc. (NASDAQ:RLAY)’ price target from $19 to $25. It also maintained a Buy rating on the stock. The firm noted Phase 1 zovegalisib triplet results that “derisk” the anticipated Phase 3 study.
On May 5, 2026, Relay Therapeutics, Inc. announced that the FDA had granted Breakthrough Therapy designation to zovegalisib paired with fulvestrant for PIK3CA-mutant, HR+/HER2- advanced breast cancer, which the Phase 1/2 ReDiscover study findings supported. At ESMO TAT, the company reported 400mg BID doublet results. It showed 11.1 months of median progression-free survival in severely pre-treated patients, with essentially equal efficacy across kinase and non-kinase variants.
For frontline breast cancer, Relay Therapeutics, Inc. chose zovegalisib plus atirmociclib as the next triplet, with a 44% objective response rate in median third-line patients at unoptimized dosages. A Phase 3 trial aimed at endocrine sensitive patients is planned to begin in early 2027, with Pfizer providing atirmociclib.
Relay Therapeutics, Inc. ended the first quarter with $642.1 million in cash from $554.5 million at the end of the previous year. It also stated that existing finances would sustain operations through 2029.
Relay Therapeutics, Inc. is a firm that works to transform the drug discovery process. It focuses on advancing small-molecule therapeutic discovery in targeted oncology.
9. Merck & Co., Inc. (NYSE:MRK)
Point72 Asset Management: $140,885,142
On April 30, Reuters reported that Merck & Co., Inc. surpassed first-quarter forecasts, with revenue of $16.3 billion, up 5% and beyond analysts’ $15.8 billion projection as per LSEG data. Keytruda sales went up by 12% to $8 billion, exceeding the $7.6 billion consensus and sending shares up as much as 5% premarket.
The quarter carried a one-time cost, i.e., a $3.62 per share charge for the Cidara Therapeutics buyout, pushing results into net loss territory. Even though the adjusted loss of $1.28 per share still surpassed the $1.51 analysts expected.
Winrevair rose 88% to $525 million, exceeding its $479 million forecast. Gardasil’s sales dropped by 19% to $1.07 billion because demand in China and Japan decreased.
CEO Rob Davis said that the company is actively introducing more than 20 new products. The majority of these have blockbuster potential. Merck & Co., Inc. raised its 2026 earnings forecast to $5.04-$5.16 per share on $65.8-$67 billion in sales. Cantor analyst Carter Gould deemed the revision less persuasive, given the already conservative guidance at the start of the year.
Merck & Co., Inc. is a healthcare firm that provides health solutions, vaccines, biologic therapies, animal health, and consumer care products. It operates in pharmaceuticals, animal health, and other segments.
8. Praxis Precision Medicines, Inc. (NASDAQ:PRAX)
Point72 Asset Management: $145,114,060
On May 8, TheFly reported that a Wedbush analyst bumped up Praxis Precision Medicines, Inc. (NASDAQ:PRAX)’s price target from $130 to $166. It maintained an “Underperform” rating and flagged concerns about the ulixacaltamide filing and valuation.
On May 7, Praxis Precision Medicines, Inc. stated that the FDA has accepted NDAs for ulixacaltamide and relutrigine, with PDUFA dates of January 29, 2027, and September 27, 2026. CEO Marcio Souza said that the company is “positioning us for two U.S. launches within the next eight months,” given EMBRAVE research showing a 77% reduction in placebo-adjusted seizure rates.
The company ended the quarter with cash and investments of about $1.4 billion as of March 31, 2026, extending its runway into 2028. It posted a net loss of $92.6 million for the quarter. The firm’s research and development spending went to $78.0 million, while general and administrative costs reached $27.9 million.
Praxis Precision Medicines, Inc. also stated that it expects extra clinical readouts in 2026. This includes the POWER1 and EMERALD trials.
Praxis Precision Medicines, Inc. is a clinical-stage biopharmaceutical company. It works on two proprietary platforms, i.e., Cerebrum and Solidus.
7. Immunome, Inc. (NASDAQ:IMNM)
Point72 Asset Management: $151,110,769
On April 29, Immunome, Inc. (NASDAQ:IMNM) reported the filing of a new drug application with the US Food and Drug Administration for varegacestat to treat people with desmoid tumors. The company grounded the filing in Phase 3 RINGSIDE trial data.
Immunome, Inc. reported the trial hit its primary endpoint, which was improved progression-free survival with an 84% reduction in risk of disease progression or death compared to placebo. The company’s confirmed response rate for varegacestat was 56% compared to 9% for placebo in a blinded, independent central review.
Immunome, Inc. showed an 83% shrinkage in median tumor size compared to an 11% increase in placebo in an exploratory study. The corporation also stated that the trial met all key secondary endpoints, including improvements in tumor volume reduction and worst pain intensity.
Immunome, Inc. stated that varegacestat has manageable side effects, with common adverse outcomes including diarrhea, lethargy, rash, nausea, and cough.
6. Guardant Health, Inc. (NASDAQ:GH)
Point72 Asset Management: $153,125,122
On May 8, Evercore ISI analyst Vijay Kumar raised Guardant Health, Inc. (NASDAQ:GH)’s price objective to $95 from $90. It kept an “In Line” rating on the shares.
On May 7, Guardant Health, Inc. released its Q1 2026 financial report. The revenue was $301.7 million, marking a 48% YoY growth. The firm credited the rise to oncology sales of $205.0 million, up by 36%, while the biopharma and data revenue surged by 17%. The screening revenue came in at $41.6 million.
The company had a non-GAAP gross margin of 66% and improved from 65%. It had a gross profit of $196.7 million, soaring by 53%. Guardant Health also reported a net loss of $112.1 million, up from $95.2 million.
Helmy Eltoukhy, co-founder and co-CEO, said the revenue increase simply shows “strong momentum.” The oncology test volume climbed by 47% to 86,000 tests. Meanwhile, co-founder and co-CEO AmirAli Talasaz noted that Shield volume momentum helps future growth.
Guardant Health, Inc. also upgraded its revenue outlook for 2026 to $1.30 billion to $1.32 billion, representing growth of 32% to 34%.
Guardant Health, Inc. is a precision oncology firm. It provides cancer treatment using blood tests, data sets, and analytics.
5. Bristol-Myers Squibb Company (NYSE:BMY)
Point72 Asset Management: $162,041,747
On April 30, 2026, Reuters reported that Bristol-Myers Squibb Company (NYSE:BMY) announced first-quarter adjusted earnings of $1.58 per share, which came in above analysts’ average estimate of $1.42. The revenue of $11.49 billion also exceeded expectations of $10.9 billion. Shares rose by 4%.
Eliquis produced $4.14 billion in quarterly sales with growth of 16% YoY. Chief Commercialization Officer Adam Lenkowsky said that demand continues to be solid, with new prescription share over 75%, adding that the drug’s performance should support growth later this year. Bristol-Myers Squibb Company’s growth portfolio, which includes cell therapy Breyanzi and Camzyos, went up by 12% to $6.23 billion. This made up more than half of the total revenue.
Opdivo sales declined 5% to $2.15 billion and missed projections of $2.33 billion. CFO David Elkins said that the shortfall is because of wholesaler inventory cutbacks, and the company is still watching whether levels return to normal.
Trung Huynh, an analyst at RBC Capital Markets, believes second-half catalysts, such as the probable approval of a next-generation cancer therapy and late-stage milvexian data, are more important than current quarterly results.
The company reiterated its sales outlook for 2026 of $46.0 billion to $47.5 billion, trending toward the higher end.
Bristol-Myers Squibb Company is involved in the discovery, development, licensing, manufacturing, marketing, distribution, and sale of biopharmaceutical products. It provides small molecules, biologics, and CAR-T cell treatments.
4. Repligen Corporation (NASDAQ:RGEN)
Point72 Asset Management: $164,893,957
On May 7, Barclays raised Repligen Corporation (NASDAQ:RGEN)’s price goal to $160 from $145. It maintained an “Overweight rating” on the stock.
On April 17, 2026, Repligen Corporation officially opened its third Training & Innovation Center at its OPUS Pre-packed Chromatography Columns manufacturing facility in Breda, the Netherlands. The site adds to the company’s existing centers in Waltham, Massachusetts, and Tokyo, Japan.
According to CEO Olivier Loeillot, the Breda center provides workshops for technical teams and customers, while also showcasing the company’s vast and diversified bioprocessing portfolio. The facility highlights Repligen Corporation’s entire bioprocessing technology portfolio. It included upstream intensification tools like XCell ATF and KrosFlo TFDF devices, along with downstream offerings like OPUS chromatography columns, Spectrum hollow fiber filters, capital equipment systems, and fluid management products.
Loeillot noted that the inauguration, together with previous investments in the Asia Pacific and the United States, reflects Repligen Corporation’s commitment to serving customers globally.
Repligen Corporation is a global life sciences firm that provides bioprocessing technologies and solutions for the manufacture of biological drugs. It operates throughout North America, Europe, the Asia-Pacific Region, and other geographic areas.
3. AstraZeneca PLC (NYSE:AZN)
Point72 Asset Management: $170,322,480
AstraZeneca PLC (NYSE:AZN) is among the Best Biotech Stocks.
On May 1, CNBC reported that an FDA advisory panel voted 6-3 against allowing AstraZeneca PLC’s oral breast cancer drug camizestrant. This action resulted in the company’s London-listed shares falling 2% Friday morning.
Panel members voting against the drug concluded that the SERENA-6 study failed to show that early switching to camizestrant helped with long-term survival compared to existing therapies. Although it raised no serious concerns about the drug’s toxicity or safety.
Barclays analyst James Gordon said that the issue remains complicated, with the panel never dismissing camizestrant’s efficacy or future potential. It simply found SERENA-6 insufficient to justify the shift in clinical practice. Jefferies analysts agreed, saying the group saw the impact as minor and uncertain. Jefferies added that SERENA-6 made up only a minor portion of AstraZeneca PLC’s $80 billion sales goal for 2030 and that the vote was merely a sentimental hit.
AstraZeneca PLC Executive Vice President Susan Galbraith said that the firm is highly committed to camizestrant and will continue to cooperate with the FDA during its review.
AstraZeneca PLC is a multinational biopharmaceutical firm. It works in the research, development, and marketing of prescription medicines.
2. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
Point72 Asset Management: $202,636,715
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) is among the Best Biotech Stocks.
On April 23, Reuters reported that the U.S. Food and Drug Administration approved Regeneron Pharmaceuticals, Inc.’s gene treatment for a rare genetic form of deafness. It is the first gene therapy for genetic hearing loss. The firm stated that the therapy, Otarmeni, will be given away for free to American patients through the FDA’s priority voucher program.
Regeneron Pharmaceuticals, Inc. produced the therapy to treat Otoferlin-related hearing loss caused by OTOF gene variations. This affects 20 to 50 babies each year. The pharmaceutical firm explained that the treatment delivers the missing protein by delivering a working copy of the OTOF gene through a modified virus infused into the cochlea.
Regeneron Pharmaceuticals, Inc.’s auditory global program head, Jonathon Whitton, told Reuters that the approval marks “a new era” in hearing loss treatment. Reuters stated that competitors such as Eli Lilly are researching comparable treatments that have shown early success.
Sierra, the mother of a study participant, told Reuters that the therapy helped her child respond to his name. She called the development “the craziest thing.”
Regeneron Pharmaceuticals, Inc. is a biotechnology firm. It works in the discovery, invention, development, manufacturing, and marketing of pharmaceuticals. Its brand lineup includes Dupixent, Evkeeza, Eylea, Inmazeb, and Kevzara.
1. Biogen Inc. (NASDAQ:BIIB)
Point72 Asset Management’s Stake Value: $495,093,660
Biogen Inc. (NASDAQ:BIIB) is the Best Biotech Stock.
On April 20, 2026, Reuters reported that Biogen Inc. had agreed to pay up to $850 million for the exclusive Greater China rights to felzartamab. It is an experimental immune therapy developed by Chinese biotech TJ Biopharma, bringing the drug’s global commercial coverage to a close.
TJ Biopharma will receive $100 million up front. It will also add up to $750 million in milestone payments and further royalties on Greater China sales. Biogen Inc. shares rose 1.3% in premarket trading.
Felzartamab is currently in the last stage trials for IgA nephropathy and primary membranous nephropathy. These are two kidney diseases that can lead to organ failure. China’s health regulator is separately assessing the drug for multiple myeloma.
Biogen Inc. obtained felzartamab as part of its $1.8 billion takeover of Human Immunology Biosciences in 2024. In April 2025, the two companies launched the partnership in China. If authorities approve the medicine, Biogen Inc. plans to oversee regional manufacture and commercialization. TJ Biopharma continues to produce it at its Hangzhou facility for myeloma.
Biogen Inc. is a biopharmaceutical firm that works on identifying, making, and providing drugs for neurological and neurodegenerative diseases.
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