Biotech is having a rough one on Wall Street 

The federal shutdown, now in its 34th day, means there are no new biotech IPOs, which means it’s hard to gauge investor sentiment for the industry. But there’s nothing stopping biotech companies that are _already public_ from selling shares, and, if what happened yesterday is any indication, sentiment isn’t great at the moment.

Three biotechs pulled off secondary offerings, and each one promptly saw its share price fall double digits. Urogen Pharma dropped as much as 15 percent; PTC Therapeutics lost about 10 percent; and Selecta Biosciences tanked more than 20 percent. Each raised millions in offerings to investors who were underwater within hours of buying shares.

Meanwhile, the roughly one dozen biotech companies with ambitions to go public are coming up on a deadline. By mid-February, the financial results in their registration statements will be outdated, which means they’ll need to be replaced by new, audited numbers that will take weeks to prepare. If the SEC is still out of commission at that point, an entire quarter of IPOs — in biotech and beyond — will have to be deferred.