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.
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