A record number of small biotechs are now trading below cash. Is this the bottom yet?
For anyone who’s been following biotech news of late, it should be no surprise that many small- to mid-cap players are struggling. But the scope and depth of their troubles may be harder to grasp.
Jefferies analysts took a stab at quantifying the market downturn and came up with a number: 128 companies are now trading at a market cap smaller than the cash they have on hand, a “historical” number owing to negative clinical events, negative FDA developments and macro economic environments.
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