BMO Capital Markets managing director of biopharma equity research Evan Seigerman joins Market Domination to discuss the best biotech plays outside of the GLP-1 weight-loss space. The sky-high demand for GLP-1 weight-loss drugs has led the biotech sector to reach new heights over the last year, and Seigerman believes the trend is as "hot as ever." He notes that the 2024 European Association for the Study of Diabetes (EASD) meeting revealed key data highlighting the importance of these weight-loss drugs, and he believes that players like Eli Lilly (LLY) and Novo Nordisk (NVO) continue to lead the industry’s growth. However, he sees opportunities outside of the GLP-1 landscape, pointing specifically to Regeneron (REGN) and Vertex (VRTX) as prime examples. Vertex, a leader in cystic fibrosis research, makes up about $10 billion of its core franchise. The company is on track for early 2025 approval of its next-generation cystic fibrosis treatment as well as a non-opioid, non-addictive pain medication. In addition, Vertex has partnered with CRISPR Therapeutics (CRSP) and received approval for Casgevy, a cell therapy treatment for sickle cell disease and beta-thalassemia. Seigerman notes that the uptake has been slow as it requires patients to be in the hospital for at least a month as they go through the process. However, he explains that the therapy works and is "really transformational" for patients. While Seigerman is bullish on Vertex, he notes that the stock’s price is rather high, trading in the upper $400s. The other risk he highlights is a non-opioid paid medication competitor coming to market.
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