STOCKWATCH: Why hate Fridays?
This article was originally published in Scrip
The shortened European trading week was always under threat of returning to a brutal risk-off retreat from the share prices of life science companies and that was exactly what happened on Friday. Not even the renewed force of merger and acquisition (M&A) activity at big pharmaceutical companies was enough to hold back the tide of selling that came in on Wednesday and swept over the sector until the market closed for the weekend.
You may also be interested in...
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.
It is one thing to aspire to build a rival to another company’s banner therapeutic franchise, but quite another to start from the ground up, especially when your form in that area is mixed.