5 Top Biotech Stocks on the TSX Q1 2019

The Canadian biotech sector might be one of the country’s best kept secrets in terms of market size and growth potential.

An industry report from BIOTECanada indicates that the biotech industry is a top tier technology hub in the country that is projected to see substantial growth over the forecast period of 2017 to 2021.

The report focuses on the 2018 Biotechnology Industry Data Survey, which found that 40 percent of the participating companies are projecting revenues that will surpass C$10 million by 2021. This is growth of 31 percent from 2017.

With the Canadian biotechnology market projected for growth over the next several years, companies in the space have reflected this and performed well so far this year.

Below, the Investing News Network profiles the five top TSX biotech stocks year-to-date. All companies listed below have market caps between C$45 million and C$500 million with data compiled using TradingView’s stock screener on April 9, 2019.

Here’s a closer look at those firms and what may have moved the needle over Q1 of this year.

1. Aeterna Zentaris (TSX:AEZS)

Market cap: C$113.93 million; current share price: C$6.93; year-to-date gain: 75 percent

Aeterna Zentaris is primarily focused on providing patients who have unmet medical needs with adequate care, particularly those with rare endocrine diseases. These ailments include conditions that impact how the heart beats and how bones and tissues grow.

In January, Aeterna Zentaris received clearance from the European Medicines Agency for its drug macimorelin. Macimorelin treats adult patients with growth hormone deficiencies.

2. InMed Pharmaceuticals (TSX:IN)

Market cap: C$87.79 million; current share price: C$0.51; year-to-date gain: 33.33 percent

InMed Pharmaceuticals is a pre-clinical stage company that has three drug candidates in its pipeline in different stages of development: INM-755, INM-085 and INM-405. These are targeted to treat epidermolysis, eye diseases and orofacial pain respectively.

In March, the company announced that its lead drug candidate, INM-750, would switch to a formula that uses only one of the two cannabinoids it is comprised of. This new formula will be named INM-755.

3. Spectral Medical (TSX:EDT)

Market cap: C$87.98 million; current share price: C$0.39; year-to-date gain: 32.14 percent

Spectral Medical is working on treatments for sepsis-related deaths. Spectral Medical has completed a Phase 3 clinical trial testing its lead product, PMX, in patients with septic shock and endotoxemia.

In the first quarter, the company had several notable updates for investors, including a February announcement that the US Food and Drug Administration approved the company’s Tigris clinical trial.

4. ProMIS Neurosciences (TSX:PMN)

Market cap: C$76.92 million; current share price: C$0.30; year-to-date gain: 7.14 percent

ProMIS Neurosciences is developing treatments for Alzheimer’s disease and Parkinson’s disease.

In its pipeline are five different candidates: Amyloid beta toxic oligomer for Alzheimer’s disease and Down syndrome, Tau for Alzheimer’s disease and chronic traumatic encephalopathy, TDP43 for amyotrophic lateral scleroris (ALS) and frontotemporal dementia, SOD1 for ALS and Alpha synuclein for Parkinson’s disease and lewy body dementia.

The company announced in February that it was able to generate a variety of drug candidates that target solely toxic characteristics of alpha synuclein, a protein that can cause Parkinson’s disease.

5. Oncolytics Biotech (TSX:ONC)

Market cap: C$47.67 million; current share price: C$2.53; year-to-date gain: 0.8 percent

Oncolytics Biotech is focused on treatments for solid tumors and hematologic cancers like acute and chronic leukemias, lymphomas, multiple myeloma and myelodysplastic syndromes.

In February, the company announced that the Spanish Agency for Medicine and Health Products awarded it final approval of its AWARE-1 window of opportunity study for breast cancer.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.