FOMO, detox and depth: Why this biotech rally may (finally) be real
After some halting starts, false dawns and fragile rallies, the biotech market may finally be back.
No, really.
In the last several months, several important signals have added up to what feels like a rally, with more depth and certainty than some of the short-lived upticks during the doldrums of 2022 and 2023, when only the industry’s most optimistic souls were willing to call it a comeback.
But now, public biotechs are releasing positive data and raising money in follow-on offerings with ease. Biopharmas have already raised $13.7 billion in secondary raises in 2024, according to Stifel’s Tim Opler. Biotech’s benchmark index, the $XBI, is up 56% from last year’s lows and has broken the $100 mark, thanks to gains that go deep into the 120-company index. And in the private markets, crossover rounds are trickling back, and IPOs are showing signs of life.
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.
