Stockwatch: Magic, distraction and denial
This article was originally published in Scrip
If you hadn't noticed, the biotechnology sector is in full reverse. IPOs and secondary offerings have been cancelled and the share prices of new IPOs like Ophthotech, finished the week down over 14% against an NASDAQ Biotech Index that was itself down only about 2%.
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Considerable value has been assigned to the companies developing coronavirus vaccines. Multiple suppliers and a met clinical need may erode much of that value after the pandemic.
Lexicon’s announcement of two positive cardiovascular outcome studies was tempered by the realization that its drug is not approved in the US, nor in Europe in the diabetic populations studied.
Among big pharma there is a creeping realization that the effects of the coronavirus on revenues and prescriptions may linger. At smaller biotechs, it is patently obvious.