Are you ready? Biotech stocks provide a compelling opportunity for risk-tolerant investors looking for rich rewards. Regardless of market sentiment, economic data or trade wars, a key regulatory approval or trial data can send prices rocketing.

Consider Madrigal Pharma (MDGL), which exploded by nearly 150% back in May following positive Phase 2 results for a liver-disease treatment.

Of course, the opposite can also be true - prices can fall just as quickly if data or approvals fail to impress. That's why it's so crucial to conduct thorough research before investing in this high-potential (but high-risk) area of the market. For instance, using TipRanks, we can assess both the analyst consensus rating (all the stocks covered below are a "Moderate Buy" or "Strong Buy") and the expected upside potential based on recent ratings.

Here are seven biotech stocks that could be catapulted higher by near-term catalysts. We'll also explore the pros' analysis and price targets for each company.

Alnylam Pharmaceuticals

Market value: $9.5