Is biotech the new bit­coin? A top an­a­lyst draws some un­com­fort­able com­par­isons to a cer­tain cryp­tocur­ren­cy as 'biotech ma­ni­a' flour­ish­es

What does bit­coin have to do with biotech?

Noth­ing…and every­thing, says Ever­core ISI an­a­lyst Josh Schim­mer, who’s been watch­ing the biotech IPO mar­ket go bonkers in re­cent months, just as a cer­tain cryp­tocur­ren­cy has been do­ing the same.

Savvy, ex­pe­ri­enced biotech in­vestors have been a bit flum­moxed by this new “biotech ma­nia,” writes the high pro­file an­a­lyst, as the usu­al mul­ti­ples have been blown up on Nas­daq, where there’s a whole new math go­ing in­to stock prices these days. And he can see that in the IPOs as things like fun­da­men­tals go by the board.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER