Did Moderna break the biotech IPO market?
2018 ended replete with a record-breaking round of FDA approvals and IPO cash riches for the year. But that rapacious enthusiasm soured as December ravaged stocks across the board, including some aggressively valued newly-public companies that also ended up as collateral damage, as the correction at the end of the year blurred lines into a bear market.
While the sell-side came out gunning with ambitious stock price projections early Wednesday, one prominent set of analysts sees market sentiment tipping toward an angry backlash that could have a profound impact on an industry that’s enjoyed billions in new public investments.
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