STAT+: Biotech is in a dark place
Biotech and drug stocks, collectively, are down an average of 16% over the past three months. The closely watched XBI index is down 19% in the same time period.
This story first appeared in Adam’s Biotech Scorecard, a subscriber-only newsletter. STAT+ subscribers can sign up here to get it delivered to their inbox.
I apologize for this depressing, cynical newsletter. I still hope you read it.
Why it’s so bleak out there
My recent conversations with folks in the biotech investing world can only be described as bleak. The market offers one beatdown after another. Sentiment is lousy and the bad mood is relentless, to the point where people are seriously wondering if a sector turnaround is ever possible.
