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4 Promising Oncology Stocks to Consider Adding to Your Portfolio By StockNews

© Reuters. 4 Promising Oncology Stocks to Consider Adding to Your Portfolio

The Biotech industry has been working to develop cancer treatments for a long time. But now, with tech integration and DNA sequencing increasing the efficacy of potential cancer drugs in the pipeline, we believe biotech names AstraZeneca (NASDAQ:), Amgen (AMGN), Incyte (NASDAQ:), and Champions Oncology (NASDAQ:) are valuable additions to one’s portfolio now. So, let’s examine these companies more closely.Cancer is one of the most researched diseases globally, with innumerable research companies with extensive drug pipelines developing treatments and therapies for the disease. Nearly 2 million new cancer cases are expected to be diagnosed in the United States this year, and more than 600,000 of those cases are expected to be fatal.

Thus, biotech companies are under pressure to develop effective drugs to combat the disease. They have been conducting multiple clinical trials to extend cancer patients’ survival rates and duration of response and are adopting advanced technologies in immunotherapies to capitalize on the heightened need for cancer treatments. The global interventional oncology market is expected to grow at a 6.8% CAGR over the next five years to hit $2.9 billion by 2026. In fact, positive results from clinical trials reported by multiple biotech companies have boosted investor optimism regarding the growth potential of this industry. This is evident in Loncar Cancer Immunotherapy ETF’s (CNCR) 7.2% returns over the past month versus SPDR S&P 500 Trust ETF’s (SPY) 1.4% gains.

Given this backdrop, we believe AstraZeneca PLC (AZN), Amgen Inc . (NASDAQ:), Incyte Corporation (INCY), and Champions Oncology, Inc. (CSBR) could be ideal investment bets now.

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