Finance Watch: A Rough Week To End A Bad Month For Biotech Stocks

Public Company Edition: The prior day's after-hours bad news sent biotech stocks lower on 9 August, and IPOs are taking a breather with the NBI down 2.1% over the past month. However, already public companies are raising cash, including Allakos and Ironwood at $350m each.

Finance Watch

It's ugly out there for biopharmaceutical stocks in the US with the Nasdaq Biotechnology Index (NBI) down 2.1% over the past month, which has had a chilling effect on initial public offerings for the industry. The Nasdaq closed up 0.36% for the week ending 9 August, but it ended the day in the red after a bout of after-hours bad news from multiple drug developers on 8 August.

Amarin Corp. PLC shocked its investors with an announcement after the stock market closed on 8 August that the...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required

More from Financing

Vor Is Reborn With New CEO And Ambitious RemeGen Autoimmune Pact

 
• By 

The biotech had been looking at options to survive since May.

Stock Watch: When The Biotech Bandwagon Music Stops

 
• By 

The number of viable biotech companies exploiting a particular technology should be limited by intellectual property but the number of biotech IPOs exploiting that same technology always seems greater than those with freedom to operate.

China Signals Restarting IPOs For Unprofitable Biotechs

 

The China Securities Regulatory Commission has proposed a new “growth tier” for the STAR Market of the Shanghai Stock Exchange, to reinstate the market’s listing standards for unprofitable firms.

BIO Notebook: Woodcock Calls For Doing The Right Thing, Dealmaking Remains Constrained

 

Highlights from Day Four of the BIO International Convention include Woodcock offering practical advice on rare disease trials, the sorry state of dealmaking mid-year, Novartis discussing its approach to partnering, and Generate looking for funding to move into Phase III.

More from Business