Which biotech stocks on the CSE, TSXV and TSX are performing the best in 2022? Here’s a look at the five top Canadian biotech stocks.
Click here to read the previous top Canadian biotech stocks article.
Although it’s not as large as the US biotech industry, the Canadian biotech market is still making a name for itself on the global investment stage in terms of size and opportunities.
In recent years, tech advancements in drug research and development have helped the biotech sector worldwide become a “real industry” that has brought “spectacular” returns for mid-cap companies, according to Jessica Chutter, managing director and chairman of biotechnology investment banking with Morgan Stanley (NYSE:MS).
Looking specifically at Canada, in 2021, the country's government committed to investing C$2.2 billion over seven years toward “growing a strong, competitive biomanufacturing and life sciences sector” through a strategy that includes “foster(ing) the growth of Canadian life sciences firms.”
Although 2021 was a rough year for biotech companies, many of the top Canadian biotech stocks managed to perform well, and some have continued that solid performance into 2022.
Below the Investing News Network profiles the three top Canadian biotech stocks on the CSE, TSX and TSXV. Yearly performance and share price data was compiled on April 19, 2022, using TradingView’s stock screener. All top Canadian biotech stocks listed had market caps between C$10 million and C$500 million at that time.
1. Hemostemix (TSXV:HEM)
Market cap: C$20.8 million; year-to-date gain: 128.13 percent
Hemostemix is a clinical-stage autologous stem cell therapy company. Founded in 2003, the firm develops, manufactures and commercializes blood-derived cell therapies from the patient’s own blood.
Hemostemix’s lead product, ACP-01, is designed for the treatment of critical limb ischemia, peripheral artery disease, angina, ischemic cardiomyopathy and dilated cardiomyopathy. Shares of the the top Canadian biotech stock hit a 2022 high point on April 19, clocking in at the C$0.34 level.
2. Fennec Pharmaceuticals (TSX:FRX)
Market cap: C$190.55 million; year-to-date gain: 42.86 percent
Late-stage biopharmaceutical company Fennec Pharmaceuticals is developing cancer drugs. Its lead candidate is PEDMARK, a treatment for pediatric cancer patients experiencing ototoxicity — hearing loss — as a result of platinum-based chemotherapy in pediatric patients.
The drug received breakthrough therapy and fast-track designation from the US Food and Drug Association (FDA) in March 2018. The European Medicines Agency is currently evaluating the marketing authorization application for the sodium thiosulfate-based treatment under the tradename PEDMARQSI. In late March, the company resubmitted its new drug application to the FDA for PEDMARK.
Company shares reached a year-to-date high of C$8 on April 14.
3. Antibe Therapeutics (TSX:ATE)
Market cap: C$40.98 million; year-to-date gain: 16.67 percent
Antibe Therapeutics is a clinical-stage biotech firm leveraging its proprietary hydrogen sulfide platform to develop safer pain and inflammation-reducing drugs. The company’s pipeline includes drug candidates that don’t bring about the gastrointestinal ulcers and bleeding associated with non-steroidal anti-inflammatory drugs (NSAIDs).
Antibe’s drug candidates under development include otenaproxesul, a safer alternative to opioids and NSAIDs for post-operative pain, and ATB-352 for a specialized pain indication. The company also plans to target inflammatory bowel disease with safer, more effective therapies. Shares marked a high of C$0.80 on March 28.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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