Stock Watch: Dam Cracks After A Trickle Of Failed Pandemic Products
Is The Tide Going Out On Biotech’s Contribution To The Pandemic?
Many of the many biotech companies that raised money to develop and repurpose their molecules to address the pandemic have started to unwind those efforts. What will this mean for the sector’s valuation?
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The Israeli biotech announced disappointing Phase II/III data for opaganib while expanding its Phase II/III RHB-107 study. Pharming unveiled promising data from a company-sponsored study, but an imbalance in an investigator-led study confounded results, while CalciMedica built on the case for its drug as a treatment for COVID-19 pneumonia.
The UK’s decision has hit Valneva’s share price hard, but its vaccine candidates in Chikungunya and Lyme’s disease should help the firm bounce back.
Johnson & Johnson’s divisional recoveries were in contrast to the declines of Biogen’s franchises but both companies had a competitive pressure and a drug pricing issue.