5 Best Performing Biotech Stocks in 2023

In this piece, we will take a look at the five best performing biotechnology stocks in 2023. If you want to take a deeper look at the biotechnology industry and some recent trends, then read 12 Best Performing Biotech Stocks in 2023.

5. Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)

Year To Date Share Price Gains: 293.18%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) is a California based biotechnology company that focuses its efforts on developing treatments exclusively for cancers that target women. It’s another biotechnology stock with strong analyst ratings, as the shares are rated Strong Buy on average, with a $12 upside through an average share price target of $22.

As of June 2023 end, 23 out of the 910 hedge funds tracked by Insider Monkey had invested in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA). Out of these, the largest shareholder is Mark Lampert’s Biotechnology Value Fund / BVF Inc as it owns 7.6 million shares that are worth $68.7 million.

4. Ambrx Biopharma Inc. (NASDAQ:AMAM)

Year To Date Share Price Gains: 336.47%

Ambrx Biopharma Inc. (NASDAQ:AMAM) is a biotechnology firm that seeks to leverage the human immune system in the fight against cancer. The firm shared data in October 2023 for a drug that targets prostate cancer which outlined no adverse reactions and a significant reduction prostate specific antigens (PSAs).

During Q2 2023, 15 among the 910 hedge funds surveyed by Insider Monkey were the firm’s investors. Ambrx Biopharma Inc. (NASDAQ:AMAM)’s biggest investor is Abhishek Trehan’s Darwin Global Management due to its $274 million investment.

3. Tempest Therapeutics, Inc. (NASDAQ:TPST)

Year To Date Share Price Gains: 387.81%

Tempest Therapeutics, Inc. (NASDAQ:TPST) is a small biotechnology firm with a novel approach to cancer treatments that sees it combine immune system responses and broader cancer treatments. Its shares are rated Strong Buy on average, and the firm has beaten analyst EPS estimates in three of its four latest quarters even though it is yet to turn a profit.

By the end of this year’s second quarter, six out of the 910 hedge funds polled by Insider Monkey had held a stake in Tempest Therapeutics, Inc. (NASDAQ:TPST).

2. MoonLake Immunotherapeutics (NASDAQ:MLTX)

Year To Date Share Price Gains: 408.16%

MoonLake Immunotherapeutics (NASDAQ:MLTX) is developing an immune system disorder drug, and seeking to target diseases such as arthritis and other diseases. The firm’s treatment for a skin disease saw 57% of the patients in the trial showing some levels of improvement according to data shared in October 2023.

Insider Monkey’s June quarter of 2023 survey covering 910 hedge funds revealed that 29 were MoonLake Immunotherapeutics (NASDAQ:MLTX)’s investors.

1. Soleno Therapeutics, Inc. (NASDAQ:SLNO)

Year To Date Share Price Gains: 1,023%

Soleno Therapeutics, Inc. (NASDAQ:SLNO) is a biotechnology firm developing treatments for Prader-Willi Syndrome. Its shares are rated Strong Buy on average, and September 2023 proved to be a great month for the stock as Oppenheimer and Cantor Fitzgerald rated the shares as Outperform and Overweight, respectively.

Five out of the 910 hedge funds part of Insider Monkey had held a stake in the firm as of Q2 2023. Joseph Edelman’s Perceptive Advisors is Soleno Therapeutics, Inc. (NASDAQ:SLNO)’s largest shareholder among these, owning 2.2 million shares that are worth $9.4 million.

Disclosure: None. You can also take a look at 13 Best Defense Stocks To Buy Now and NATO Military Spending by Country: Top 20 Countries.

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