Rapid adoption of advanced technologies, coupled with continued investments in developing breakthrough drugs, makes the prospects bright for the biotech industry. Moreover, the success of biotech firms in efficiently responding to the devastation caused by the COVID-19 pandemic has evoked a positive sentiment in the industry. Therefore, Wall Street analysts expect Kura Oncology (NASDAQ:KURA) and Corvus Pharmaceuticals (NASDAQ:CRVS) to more than double in the near term.The COVID-19 pandemic has proven to be a positive catalyst for the biotechnology industry, thanks to its role in fighting the deadly virus. As the world grapples with new strains of the virus, biotechnology companies are ramping up their production of medicines and vaccines to cater to these growing needs. Furthermore, continued investments in R&D and new therapies, along with rapid technological advancements, are driving the industry’s growth. The global biotechnology market is expected to grow at a CAGR of 15.8% and reach $2.44 trillion by 2028.
The rising geriatric population, increasing healthcare expenditures, and advances in various drug discoveries have contributed to bullish investor sentiment. This is evident from the iShares Biotechnology ETF’s (IBB) 27.4% return over the past year.
Considering the industry’s promising growth prospects, Wall Street Analysts expect biotechnology stocks Kura Oncology (KURA) and Corvus Pharmaceuticals Inc . (CRVS) to deliver exceptional returns in upcoming months.