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It seems three biotech stocks may be poised to break out. Find out which stocks to put on your radar right now.
For the best trades in the space we turned to Deutsche Bank analyst Mark Schoenebaum, the top ranked biotech analyst according to Institutional Investor. Following are three stocks he thinks are undervalued and why.
Genzyme [GENZ
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Genzyme is the most controversial stock in all of biotech, Schoenebaum tells us. The company produces drugs for very rare but very serious diseases.
Because of contamination earlier in the year, the company was forced to shut down the only plant that makes two specialized drugs causing a shortage of Cerezyme, a drug to treat Gaucher disease, and Fabrazyme, for Fabry disease.
Since then they’ve run into a conflict with the FDA. However, “there’s a 60% shot they get this issue resolved. If they get through it, then Genzyme is one of the cheapest stocks in the entire biotech sector,” says Schoenebaum. “The stock could go to $60, but there’s downside risk here too.”
Gilead [GILD
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Gilead is one of the best managed companies in the space, says Schoenebaum. “Third quarter numbers will probably beat expectations and the stock has lagged but it’s higher quality.”
Amgen [AMGN
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And before the show Schoenebaum told our producers to put Amgen on the radar.
An article in Barron’s said Amgen’s relatively inexpensive shares are likely to rise if the USDA approves the company's bone-loss antibody, denosumab.
Amgen shares could fall to their 2008 low, around $45, if the FDA rejects or slows the approval process for the drug, it said in its Sept. 7 edition. "More likely, the drug, once approved, will surprise skeptics with its growth potential, leading to the stock's revaluation."
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- UPDATE: Bank Earnings Bombshell
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Trader disclosure: On Sept. 11th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Is Long Apple (AAPL): Najarian Is Long Bank of America Stock, Short Calls: Najarian Is Long Citigroup Calls: Najarian Is Long Discovery Financials Calls: Najarian Is Long (ENER):Najarian Is Long (FCX), Short Calls:Najarian Is Long (JPM) Stock, And Puts; Najarian Is Long (JOYG) Stock, Short Calls; Najarian Is Long (MS) Stock, Short Calls; Najarian Is Long (MSFT) Stock, Short Calls; Najarian Is Long (PALM) Calls; Najarian Is Long (RIMM) Calls; Najarian Is Long (TEVA) Stock; Najarian Is Long (V) Stock, Short Puts & Calls; Najarian Is Long (WFC) Long Puts, Short Stock; Najarian Is Long (YHOO) Calls; Terranova Is Short (CCL); Terranova Is Long Gold Futures; Seymour Owns (AA); Seymour Owns (AAPL); Seymour Owns (BAC); Seymour Owns (BX); Seymour Owns (F); Seymour Owns (RIMM); Seymour Owns (SBUX)
For Scott Nations:
Nations is long call verticle spread on (LVS)
For Mark Schoenebaum
Deutsche Bank Owns (AMGN)
(AMGN) Is An Investment Banking Client of Deutsche Bank
Deutsche Bank Owns (BIIB)
(DBSI) Is An Investment Banking Client of Deutsche Bank
(GENZ) Is An Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation from (GENZ)
Deutsche Bank Owns (GILD)
Deutsche Bank Owns (ACOR)
(ACOR) Is An Investment Banking Client of Deutsche Bank
For Brad Hintz
(MS) Has been a Client of Bernstein in the Past 12 Months
Hintz Owns (MS)
Mr. Hintz received a one time payment of 8,974 from (MS) in 2009
An affiliate of Bernstein received compensation for non-investment banking-securities related services from the following companies MS
Data is a real-time snapshot *Data is delayed at least 15 minutes