Biotechnology stocks in the US are still trading lower year-to-date, but valuations have risen significantly in April, suggesting that perhaps the winter chill hovering over the industry is beginning a spring thaw. The XBI fund is down 0.9% so far in 2023, but it has gained 8% since the end of March. As of 21 April, the Nasdaq Biotechnology Index (NBI) is up just 1.5% year-to-date but has gained 3.6% since last month.
Finance Watch: Biopharma Stocks Attempt An April Rebound
First IPO Since February Raises Nearly $10m
Public Company Edition: With the XBI up more than 9% in April, a few follow-on offerings –$23m to support Gamida Cell’s small product launch and $500m to fund Vaxcyte’s large clinical trial program – have made it to market. Also, China’s CytoMed launched the sixth biopharma IPO in the US this year.
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