Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession. Dow drops nearly 600 points into the bear market territory, sets a new low for the year. With central banks rapidly raising rates to control inflation, fears of a recession are rising and making all assets toxic for investors these days. Treasury yields in the U.S. surged again Friday, with the 2-year note most sensitive to Federal Reserve rate hikes, jumping 7.4 basis points to 4.2% around noon ET.
Does this drop provide an opportunity to buy the dip in companies with excellent fundamentals, such as biotech stocks?
President Joe Biden is launching a new initiative to encourage biotech production and research in the U.S. Earlier this month, he signed an executive order implementing the initiative and later will address how biotech can help fight cancer, though the amount of funding the White House is setting aside for it is unclear. Let’s look at some of the biotech stocks out there currently trading at discount prices in our opinion.
Mainz Biomed N.V. (NASDAQ:MYNZ) is a molecular genetics diagnostic company specializing in the early detection of cancer. The Company recently announced the appointment of Dr. Douglas K. Rex to its Medical Advisory Board (MAB). Dr. Rex is the latest industry expert to join the MAB which was established to support Mainz’s forthcoming U.S. pivotal trial for ColoAlert, the Company’s highly efficacious, and easy-to-use detection test for colorectal cancer (CRC). Mainz Biomed B.V. (MYNZ) is currently trading closer to the 7$ mark compared it its 52-week low of $6.07. MYNZ has a 52-week high of $30.00, suggesting there exists a lot of room for the upside. It would be interesting to see if the ColoAlert picks up pace in the medical community and boost revenues for Mainz Biomed N.V. (NASDAQ:MYNZ).
ColoAlert detects colorectal cancer (CRC) via a simple-to-administer test with a sensitivity and specificity nearly as high as the invasive colonoscopy*. The test utilizes proprietary methods to analyze cell DNA for specific tumor markers combined with the fecal immunochemical test (FIT) and is designed to detect tumor DNA and CRC cases in their earliest stages. The product is CE-IVDR marked (complying with EU safety, health, and environmental requirements). The product is commercially available in a selection of countries in the European Union and in the United Arab Emirates. Mainz Biomed currently distributes ColoAlert through a number of clinical affiliates. Once approved in the U.S., the Company’s commercial strategy is to establish scalable distribution through a collaborative partner program with regional and national laboratory service providers across the country.
Mainz is currently marketing ColoAlert through its unique business model of partnering with third-party laboratories for test kit processing versus the traditional methodology of operating a single facility.
Some of the other notable biotech stocks to watch out for include Revance Therapeutics Inc (NASDAQ:RVNC), CinCor Pharma (NASDAQ:CINC), Reata Pharmaceuticals (NASDAQ:RETA), Supernus Pharmaceuticals (NASDAQ:SUPN), Axsome Therapeutics (NASDAQ:AXSM) and Jazz Pharmaceuticals (NASDAQ:JAZZ), Legend Biotech (NASDAQ:LEGN), Sarepta Therapeutics (NASDAQ:SRPT), Exact Sciences (NASDAQ:EXAS), Neurocrine Biosciences (NASDAQ:NBIX) and Karuna Therapeutics (NASDAQ:KRTX).
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