2 Biotech Stocks to Buy as Coronavirus Fears Tank the Market
Last week, the stock market experienced its worst week since the financial crash of 2008. And while the current week started on a more positive note, uncertainty will remain as long as the COVID-19 epidemic persists. With COVID-19 showing up in more and more countries outside of China -- and the number of cases increasing worldwide -- no one knows for sure when things will calm down.
But the worst thing investors can do at this point is panic. There are lots of companies with long-term prospects that will remain intact despite the recent developments surrounding COVID-19. In particular, here are two biotech stocks I think investors should consider buying, regardless of the coronavirus market correction: Vertex Pharmaceuticals (NASDAQ: VRTX) and Global Blood Therapeutics (NASDAQ: GBT).
The best reason to buy shares of Vertex Pharmaceuticals is the company's monopoly on the market for treatments for cystic fibrosis (CF). This rare genetic condition causes damage to the lungs and the digestive system, often shortening the patient's lifespan. Just 10 years ago, there were no treatments that addressed the underlying causes of CF approved by the U.S. Food and Drug Administration (FDA), but Vertex had several of its drugs aimed directly at the underlying causes of CF approved over the previous decade. The company's most recent approval is particularly noteworthy.
Source Fool.com
