In the Money with Amber Kanwar The Most Hated Sector is Rallying — Is Biotech Back?
Biotech stocks were left for dead — written off after years of brutal bear markets, failed trials, rising rates, and policy shocks. But what if the sector is quietly waking up?
On this episode of In the Money with Amber Kanwar, Amber sits down with Eden Rahim, Portfolio Manager at Next Edge Capital, to unpack why one of the market’s most volatile and misunderstood sectors may be entering a new bull cycle. Eden walks us through biotech’s “nuclear winter” — from the 2011–2015 boom, to rolling bear markets, to the post-COVID hangover that crushed even former darlings like Moderna. He explains why extreme capitulation readings — with companies trading below net cash and only 1% of stocks above their 50-day moving average — signaled a generational bottom. And since April, biotech has quietly been outperforming the S&P 500… without the headlines.
But this is not a “buy the ETF and forget it” story. Eden breaks down why biotech is the ultimate stock-picker’s market, how he handicaps regulatory, clinical and commercial risk, and why he focuses on post-Phase 2 companies where the odds shift dramatically. He also addresses the new wild card investors must navigate: shifting FDA goalposts and regulatory uncertainty.
In the Mailbag, Amber and Eden tackle stocks that aren’t exactly household names for most investors. They break down Sarepta (SRPT) and whether its dramatic collapse reflects broader gene therapy risks. They discuss WELL Health (WELL) and why the stock can lag even when analyst targets look optimistic. They also look at DRI Healthcare (DRI.UN), the pharmaceutical royalty company offering dividend-paying exposure to drug innovation, and whether its leveraged royalty model is a smarter way to get biotech-like upside with cash flow. Plus, they touch on why Canadian biotech companies often migrate south — and what that means for investors hunting for overlooked opportunities.
In Pro Picks, Eden shares three high-conviction ideas: Alpha Cognition (ACOG), a newly approved Alzheimer’s therapy with improved tolerability and strong commercial runway; ClearPoint Neuro (CLPT), a brain-delivery platform embedded across dozens of gene therapy programs; and NeurAxis (NRXS), a small-cap device company targeting gut-brain disorders with expanding reimbursement tailwinds. Volatile, under-the-radar — and potentially early leaders in a new biotech cycle.
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Timestamps
00:00 trailer
02:15 intro
04:50 What’s it been like to be a biotech investor in recent years?
07:10 What happened in the biotech sector?
08:50 Covid & biotech
11:20 How biotech is different from other sectors
15:50 Biotech has been outperforming the S&P 500
17:50 It comes down to stock picking
23:10 The regulatory environment is now a wild card
31:50 ITM Mailbag: Sarepta Therapeutics (SRPT)
38:30 WELL health (WELL)
41:50 DRI Healthcare Trust (DHT.UN)
45:50 Eden’s Pro Picks (ACOG, CLPT, NRXS)
Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
To explore BMO ETF tools, head to https://www.bmoetfs.com and check out the Tools section.
Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information
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DISCLAIMERS
The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Pfizer which is a stock Amber owns.
In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.
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