Biotech completed a round trip 2019
As The Wall Street Journal’s Charley Grant pointed out, the much-watched XBI biotech index is basically where it was back at the J.P. Morgan Health Care Conference in January. The year began with a runup tied to Bristol-Myers Squibb’s $74 billion offer for Celgene, but the XBI has since given back all of its subsequent gains.
What’s notable is that the stuff that usually drives biotech stocks upward — big acquisitions and successful clinical trials — has been abundant in 2019. AbbVie is paying $63 billion for Allergan. Novartis developed a particularly effective gene therapy. Targeted cancer drugs are having a renaissance.
And yet here the sector sits, no better than it was eight months ago.
What’s notable is that the stuff that usually drives biotech stocks upward — big acquisitions and successful clinical trials — has been abundant in 2019. AbbVie is paying $63 billion for Allergan. Novartis developed a particularly effective gene therapy. Targeted cancer drugs are having a renaissance.
And yet here the sector sits, no better than it was eight months ago.
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