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Finance Watch: Biotech Stocks Stabilize At The End Of A Rocky Week

Values Still Down Sharply Year-To-Date

 
• By Mandy Jackson

Public Company Edition: Valuations have fallen enough in 2022 to lead some companies to wind down operations, but a recent uptick opened a window for a few offerings. Chinook raised $105m in a follow-on offering, while Flagship led a $79.2m registered direct offering for Evelo.

Finance Watch Public Company
• Source: Alamy

The US stock market has been brutal for biopharmaceutical companies during the past year, with plummeting valuations driving companies to reprioritize their research and development plans, lay off employees and even wind down operations in 2022. That makes the last full week of May notable, because it ended on a positive note.

The Nasdaq Biotechnology Index (NBI) closed up 2.8% for the week ending 27 May after falling by as much as 1.9% mid-week, while the closely-watched exchange-traded fund known as the XBI ended the week up 1.1% after sinking 4.2% on Wednesday

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