5 Best Biotech Stocks to Invest In According to Billionaire Steve Cohen

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 (NYSE:AZN)’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 (NYSE:AZN)’s $80 billion sales goal for 2030 and that the vote was merely a sentimental hit.

AstraZeneca PLC (NYSE:AZN) 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 (NYSE:AZN) is a multinational biopharmaceutical firm. It works in the research, development, and marketing of prescription medicines.