Fundamentals have been bad in biotech land, something that is reflecting in share prices and IPO performance (XBI has halved since peak).
Positive news flow among small and mid-cap biotechs, which hit 60% in 2020, has just fallen below 30%.
“But it’s not just small caps, it’s across the sector: Jefferies’ Michael Yee said of 45 major clinical readouts from large and small players, only 20% were positive.”
Clinical holds have also spiked – 2022 is off to a bad start (13 holds in 8 weeks) and could surpass the already bad 2021 (>50 vs. 30 average historically.
The full article offers some explanations of what is going on.
