Biotech is stocking up for a fallow period
If drug industry balance sheets are any indication, there’s more than a little angst about how 2020 is going to play out.
Last month, health care companies raised about $5 billion in secondary stock offerings, according to Bloomberg, the largest sum of any January since at least 2008. It came from nearly 50 offerings, roughly doubling last year’s 25.
To look on the positive side, the fact that so many companies could convince investors to buy their shares is encouraging for the sector. But on the more glaring negative side, the consolidation of so many offerings suggests an industry-wide scramble to raise money now before the market takes a turn.
Last week brought some disappointing earnings and encouraging polls for Sen. Bernie Sanders, two things that make biopharma stocks go down. If that’s a preview of the year to come, January’s many fundraisers will come to look prescient.
Last month, health care companies raised about $5 billion in secondary stock offerings, according to Bloomberg, the largest sum of any January since at least 2008. It came from nearly 50 offerings, roughly doubling last year’s 25.
To look on the positive side, the fact that so many companies could convince investors to buy their shares is encouraging for the sector. But on the more glaring negative side, the consolidation of so many offerings suggests an industry-wide scramble to raise money now before the market takes a turn.
Last week brought some disappointing earnings and encouraging polls for Sen. Bernie Sanders, two things that make biopharma stocks go down. If that’s a preview of the year to come, January’s many fundraisers will come to look prescient.
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