Newly hopeful, biopharma still faces an uncertain 2024
Despite cautious optimism in biopharma circles about 2024, there’s emerging thinking that such sentiment is not guaranteed to translate into material gains.
The Federal Reserve’s announcement last month about cutting interest rates three times this year sent biopharma into a frenzy. After two years of a poor financing environment, brought on in part by macroeconomic factors and a sharp decline in IPOs, investors and analysts cheered the potential rate cuts. December was the XBI’s best month in a decade.
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