The biotech industry continues to play a crucial role in developing solutions to treat critical ailments. In addition, the demand for biotech solutions is also high across other sectors such as food and agriculture. So, biotech stocks such as Leap Therapeutics (NASDAQ:LPTX) and Corvus Pharmaceuticals (NASDAQ:CRVS), which have soared more than 100% in September, could be solid additions to your portfolio.The biotech industry is known to be a high-risk high-reward industry. The Biden administration’s intention to enact legislation to lower drug prices was not well-received by biotech companies. However, governments and businesses have been making robust investments to encourage research and development in the biotech space.
Increasing demand for biotech applications and solutions across various end-user industries such as food, agriculture, and healthcare, plus growing demand for synthetic biology are expected to help boost the industry’s growth. According to a Research and Market’s report, the global biotechnology market is expected to grow at a CAGR of 8.57% over the next five years.
Amid this backdrop, quality biotech stocks Leap Therapeutics, Inc. (LPTX) and Corvus Pharmaceuticals, Inc. (CRVS), which have surged more than 100% last month, could be good additions to your portfolio.