The NASDAQ and the S&P 500 have both overcome all odds and hit new all-time highs in 2025. One group of stocks that may not be so worried about tariffs and basic economic jitters is the domestic biotechnology sector. The group does have other worries about long-term financial challenges of government and private healthcare programs, but until then there are always opportunities in cancer, diabetes, inflammation and so on with blockbuster drug potential.

Investors have been making decisions about whether to change their portfolio or to stick with what they have. Tactical investors tend to follow the next big opportunities. Analysts have identified multiple opportunities for tactical investors with new ideas now that 2026 is starting to come into focus — and Thursday’s tactical calls were dominated by many big upside projections from Goldman Sachs in biotech. Some other firms chimed in positively as well.

Some of these analyst reports are signaling as much as 30%, 40% and even 100% in implied upside to their price targets.

Investors should always keep in mind that no single analyst report should ever be the sole basis to buy or sell a stock. This is particularly true for aggressive “Buy” and “Outperform” ratings in speculative stocks. Investors also need to do their own research because analysts sometimes get their thesis wrong just like the rest of us. And any decision to buy or sell should be made after consulting with a financial advisor or professional.

Here are some of the top analyst calls for big implied upside in the biotech and emerging pharma sector.

Rhythm Pharmaceuticals, Inc. (NASDAQ: RYTM) was given three positive analyst calls on Thursday, with two only showing mild upside if expectations pan out. BofA reiterated its Buy rating and raised its price objective to $95 from $73 (versus a prior $89 close). Rhythm Pharmaceuticals, Inc. (NASDAQ: RYTM) was started as Buy with a $97 price target at Goldman Sachs, although this is not significantly higher than the prior $89.00 close, with the hypothalamic obesity market as its target for upside here. Wells Fargo was the more positive call as the firm reiterated its Overweight rating and raised its price target to $129 from $91. Wells Fargo thinks Rhythm should trade much higher after positive data showed an increased likelihood of success that is currently not reflected in the stock price.

Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) was last seen trading down 26% at $30.75 on Thursday, after closing at $41.44 (and down from a 52-week high of $60.37). Multiple firms have jumped into the ratings coverage after the sell-off. Citigroup added a short-term view but maintained its Buy rating and $110 price target, noting that its ORBIT trial will proceed to the final analysis and not be stopped early. Ultragenyx is now said to again be trading below its base business valuation and Citi expects an 85% chance that the ORBIT study will be successful in the end. JPMorgan has an Overweight rating and sees the stock potentially rising back into the $60s or even $70s, noting the drop was a gross overreaction to the downside and that the final analysis is due toward the end of 2025. Wells Fargo maintained its Overweight rating but trimmed its price target down to $65 from $88, seeing the peak sales opportunity should not materially change upon ultimate approved.

Additional biotech analyst calls from Goldman Sachs are presented below.

Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) was reinstated as Buy with a $10 price target, implying upside of nearly 60% if Goldman Sachs is correct. Its projections are based on avexitide as treatment for post-bariatric surgery hypoglycemia reaching the potential $1 billion blockbuster category.

Avidity Biosciences, Inc. (NASDAQ: RNA) was started with a Buy rating and $55 price target at Goldman Sachs, implying more than 60% upside from the prior $31.27 close. The firm expects clarity over the next 12-18 months on the company’s regulatory outlook that is not priced in considering the stock has fallen from a high of $56.00 in the last year.

Neurocrine Biosciences (NASDAQ: NBIX) was started as Buy with a $182 price target at Goldman Sachs, implying nearly 40% in potential upside if the firm is right about its attractive growth profile versus peers and over potentially significant upside on clinical development in the coming years.

Roivant Sciences Ltd. (NASDAQ: ROIV) was reinstated as Buy with a $19 price target at Goldman Sachs, implying upside of nearly 70% from the $11.22 prior close. The call touted expectations of a a successful clinical outcome for Roivant’s Phase 3 VALOR data.

Syndax Pharmaceuticals, Inc. (NASDAQ: SNDX) was started as Buy with a $18 price target at Goldman Sachs, implying nearly 100% upside from its $9.60 prior close. The upside projection is based on the incoming and peak-revenue opportunities of $1.1 billion for Revuforj, and Revuforj was also just recently granted an FDA Priority Review for relapsed/refractory mutant myeloid leukemia/AML.

DISCLAIMERS

The analyst ratings, price targets and research summaries above have been assigned to each firm issuing those calls. Their ratings and targets may differ greatly from other firms on Wall Street.

Tactical Bulls does not issue any formal ratings and does not maintain any price targets of its own on any of the stocks mentioned in this summary.

Please remember that no analyst ratings and price targets, even those with the strongest conviction, ever come with any guarantees of profits and they never contain money-back guarantees in case you lose money.