US biotech stocks have recently risen. The S&P Biotechnology Select Industry Index rose more than 6% last week. The Nasdaq Biotechnology index, meanwhile, is up nearly 4% over the same period and 8.5% over the past month. “Biotech appears to be getting significantly stronger in recent days and is a key part of why health is likely posting a strong 4T [fourth quarter] outperformance,” Mark Newton, head of technical strategy at research firm Fundstrat, wrote in a Nov. 14 note. strong in health care right now – and he expects the trend to continue into Dec. To identify biotech stocks that look cheap and should rally going forward, CNBC Pro looked at the ETF iShares Biotechnology on FactSet.The ETF, which tracks U.S. biotech stocks, jumped around 10% in the past month, and is up more than 4% in the past week.It’s down 11% since the start of the year, but outperformed the S&P 500, which fell about 17% over the same period.The CNBC Pro screen used the following criteria: A forward price-to-earnings ratio , which takes into account estimated profits for the next 12 months, less than 10. A fai ble P/E ratio can mean that a stock is undervalued. A Buy rating from a significant number of analysts covering the stock on Factset. Eight stocks appeared on screen, out of the ETF’s 366 constituents. Two stocks stood out as having an average upside potential of more than 100% and a buy rating from all analysts covering them. These are Cullinan Oncology and iTeos Therapeutics. One stock – Chimerix – had an average price target of 266% according to analysts, with 83% giving it a buy rating. Wedbush Securities in a Nov. 4 note rated Chimerix an outperformer, noting that it ended the quarter with about $285 million in cash and cash equivalents — enough to fund its operations through 2026, according to the investment firm. . “We continue to believe that CMRX has an attractive risk/reward profile, certainly for patient investors,” the Wedbush analysts wrote. Also on screen was Covid vaccine maker BioNTech, with a forward PE ratio of 4.5, although only 44% of analysts had a buy rating on the stock. – CNBC’s Patti Domm contributed to this report.