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Here are top biotech stock ideas with upcoming catalysts: Jefferies

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Jefferies' research team named its favorite picks of biotech stocks that are expected to have good news in the coming months.

"Biotech continues its Road to Repair and is near 1-year highs," wrote Jefferies analyst Michael Yee in Thursday's note to clients. Scrutiny over the sector's pricing practices has subsided, general interest in the sector has picked up, and there is recent M&A activity, he said.

"Our thesis continues to be the sector has been beaten down for 2 years and [is] pretty cheap vs health care and broader market."

Jefferies said that the industry's ever-improving backdrop coupled with a shift in investor focus to fundamentals bodes well for the sector.

Here are four companies that made Jefferies' recommended list and the firm's price targets for each.