It has been a rough year for biotech stocks. The SPDR S&P Biotechnology ETF is down more than 26%. Of course, it hasn't been a good year overall, with the S&P 500 Index down more than 20%. It's not a new trend, either, with the sector falling 21% in 2021 after soaring during the early months of the pandemic.

It doesn't make sense to write off the entire biotech sector, however. Axsome Therapeutics (NASDAQ: AXSM) and Exelixis (NASDAQ: EXEL) are growing revenue and net income, making the two mid-cap biotech stocks attractive long-term buys.

Axsome Therapeutics' growth arc is just getting started. The company specializes in treating central nervous system disorders. Its stock has risen 100% so far this year after the company got Food and Drug Administration (FDA) approval for Auvelity to treat major depressive disorder in August. 

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Source Fool.com