5 Cheap Biotech Stocks Smart Investors Are Piling Into

In this piece, we will take a look at five cheap biotechnology stocks that smart investors are piling into. If you want to learn why the current economic environment is rather crucial for biotech stocks, then check out 12 Cheap Biotech Stocks Smart Investors Are Piling Into.

5. Incyte Corporation (NASDAQ:INCY)

Number of Hedge Fund Investors In Q2 2023: 37

P/E Ratio: 35.13

Incyte Corporation (NASDAQ:INCY) is a sizeable biotechnology company that develops treatments for tumors, cancers, and other diseases. The firm’s shares were in trouble in September, after a rival drug developed by the pharma giant GSK secured the FDA’s approval.

Insider Monkey’s Q2 2023 survey of 910 hedge funds revealed that 27 were Incyte Corporation (NASDAQ:INCY)’s investors. Out of these, the largest shareholder is Julian Baker and Felix Baker’s Baker Bros. Advisors since it owns 36 million shares that are worth $2.2 billion.