5 Most Promising Biotech Stocks to Buy According to Analysts

4. Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR)

Upside Potential as of December 13: 116.69%

Number of Hedge Fund Holders: 24

Pasadena, California-based Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR) develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, its therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes.

On November 29, Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR) released its financial results for the three months ended September 30, 2023. Following the release, RBC Capital analyst Luca Lussi reiterated an ‘Outperform’ rating for Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR) shares with a price target of $50. The price target represents a potential upside of 102.51% based on the share price on December 13.

As of Q3 2023, Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR) shares were held by 24 hedge funds with the total shares held by these hedge funds valued at $180 million.

Like other stocks such as Moderna, Inc. (NASDAQ:MRNA), Royalty Pharma Plc (NASDAQ:RPRX), and Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT), Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR) is among the 11 most promising biotech stocks according to analysts.