Biotech stocks have underperformed the S&P 500 over the past year but one investment expert remains bullish on the space.
Andreas Argyrides, vice president of equity research at Wedbush Securities, told BNN Bloomberg on Tuesday that while a high interest rate environment tends to weigh on the biotech sector, there are several companies currently being overlooked by investors.
He called this a “good stock environment” for the industry, and said he looks at late-stage companies with strong financial assets, good balance sheets and good prospects for future revenue growth.
He recommended MoonLake Immunotherapeutics (MLTX), Verona Pharma Plc (VRNA) and United Therapeutics Corp. (UTHR) as his top three stock picks within the biotech sector.
He, his family, his firm and his investment banking clients do not own any shares in the stocks mentioned above.
For the full interview, click on the video at the top of this article.