If COVID-19 is going to be around for a while in some form or another, the market could be seriously underestimating overall where COVID-19 stocks are going to be five years from now. In this Motley Fool Live segment from "The Pharma & Biotech Show," recorded on March 23, Fool.com contributor Taylor Carmichael explains why he's back to being bullish on COVID-19 stocks over the long term. 

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Taylor Carmichael: The entire sector has just been priced as if COVID has gone. It's not gone. Any number of changes that are coming is hard to predict. This is a very hard market to predict, and the regulatory things are going to shift and it's hard to know where that's going to go. Is it going to continue to be super-fast? Is it going to slow? How will the market take this?

We don't really know, but I would urge investors to think outside of the next month, this year and think, will COVID still be here five years from now? Personally, it's mutated several times. I think it will continue to mutate just like flu mutates slower, not as quickly as the flu, but it's going to continue to mutate, it's going to continue to be a threat, and it's going to be just one of those illnesses that hits us every year like the flu does. I think it's going to be around for a while, and so I think the market is seriously underestimating overall where COVID stocks are going to be five years from now.

In the short-term, not quite sure what's going to happen, but over the long term, I honestly, I think I'm back to being bullish on the covered sector on these stocks that were fantastic buys in 2020.