Piper Sandler analysts recommend purchase of a "select basket of high-quality" smid-cap biotechnology stocks before what they anticipate "may finally be an environment that favors smaller, developmental names" after two years of biotech underperformance. "Amid all the darkness," the analysts see a number of factors indicating an emerging positive environment for smid-caps. They think the environment favors "increased exposure down market cap." For 2023, the analysts like Argenx (ARGX) among large-caps, Alkermes (ALKS), Arrowhead (ARWR), Cytokinetics (CYTK), Ionis Pharmaceuticals (IONS), Jazz Pharmaceuticals (JAZZ), Legend Biotech (LEGN), Intellia Therapeutics (NTLA), Ultragenyx (RARE), Replimune Group (REPL), Supernus (SUPN), Travere Therapeutics (TVTX), and Ventyx Biosciences (VTYX) among mid-caps, and Aadi Bioscience (AADI), Acrivon Therapeutics (ACRV), CymaBay (CBAY), Cogent Biosciences (COGT), Immuneering (IMRX), MeiraGTx (MGTX), Rain Therapeutics (RAIN), Seres Therapeutics (MCRB), and Vectivbio (VECT) among small-caps as top picks.
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