The biotech industry is known for its high risks and high rewards, and clinical-stage biotech stocks are no exception. While they may not have yet achieved profitability, they hold immense potential for growth and innovation. Recently, Longeveron (NASDAQ: LGVN) made headlines with its 234% surge in value following positive results from its Phase 2 trial for the treatment of hypoplastic left heart syndrome (HLHS). This remarkable gain serves as a reminder that biotech stocks can be just as explosive as meme stocks, despite the inherent risks.

Against this backdrop, three clinical-stage biotech stocks are worth keeping an eye on: Arvinas (NASDAQ: ARVN), Ocuphire Pharma (NASDAQ: OCUP), and Rocket Pharmaceuticals (NASDAQ: RCKT). Each of these companies is pioneering innovative approaches in their respective areas of focus.

Arvinas is harnessing its proprietary PROTAC technology to develop groundbreaking treatments for various diseases, including cancer and neurodegenerative disorders. Its partnership with Pfizer on a breast cancer drug candidate is particularly noteworthy.

Ocuphire Pharma is tackling diabetic retinopathy and age-related macular degeneration with its oral pill, APX3330. With a large addressable market and promising results from its End of Phase 2 trial, Ocuphire is poised for significant growth.

Rocket Pharmaceuticals is revolutionizing gene therapy with its multi-platform approach, focusing on hematology and cardiovascular diseases. Its Marketing Authorisation Application for Fanconi anemia treatment is eagerly awaited.

While these stocks have experienced significant declines year-to-date, their potential for exponential gains makes them compelling additions to a diversified biotech portfolio. As the biotech landscape continues to evolve, keeping a close eye on these clinical-stage innovators may yield substantial rewards for investors.