Biotech has been a "stock-pickers market" — and it may have just what it takes to remain one in 2023, according to Citi. "Biotech is currently a stock-pickers market, with focus on companies with near-term catalysts, active debates, and strong fundamentals that could continue to drive outperformance in various recession scenarios," Citi said in a December note. But performance within the sector will vary with the economy's.
" "In an intermediate base case landing scenario, we presume there may be some rotation to the safer names with longer cash runways, though we would still expect biotech investors to find the low market cap names with short cash runways as interesting high-risk opportunities," Citi added. Top picks for 2023 Citi named some top picks for the year ahead. 1. Beam Therapeutics The bank said its work in sickle cell disease has potential to produce a superior product.
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