2 Biotechs With Recent FDA Approvals to Hold for the Next Decade
It takes a tremendous amount of time and patience to get an experimental drug through the testing and approval process. What's more, drugs in clinical development have a 90% failure rate. Even after crossing that hurdle, the product still has to sell.
But relative newbies Legend Biotech (NASDAQ: LEGN) and Immunocore Holdings (NASDAQ: IMCR) are already making a splash with their recently approved debut therapies. In major wins for the young companies, this winter the FDA approved Legend Biotech's Carvykti and Immunocore's Kimmtrak, both groundbreaking treatments for rare forms of different cancers.
Still, one key question to ask when valuing biotech stocks is: "Can this concept be expanded to other areas of need?" Currently, the total addressable markets for Legend and Immunocore's just-approved drugs are small. However, both therapies have the potential for expansion, making these two biotech companies look like winning investments in the long run.
Source Fool.com
