Nasdaq Biotech Index falls, Protagonist Therapeutics top loser

Medpace Holdings

26/04/2022 20:11

** The Nasdaq biotechnology index  .NBI  falls 2.8% in
afternoon trade, after having ended 1.4% higher on Monday - on
track to close at its lowest in over a month if losses continue
    ** Protagonist Therapeutics  PTGX.O  is biggest pct loser on
index; down about 51% after mixed data from mid-stage study of
ulcerative colitis drug  urn:newsml:reuters.com:*:nL3N2WO3K2
    ** Gossamer Bio  GOSS.O  also among top pct losers on index
as H.C. Wainwright and Raymond James cut PTs following its bowel
disease drug failure  urn:newsml:reuters.com:*:nL3N2WN2B6
    ** Broader markets also in red as over concerns about
slowing global growth and a more aggressive Federal Reserve,
with quarterly reports from Alphabet and Microsoft due after the
bell  urn:newsml:reuters.com:*:nL2N2WO24A
    **  Biotech stocks have had a few rough months as M&As dry
up and investors prefer private markets over public  urn:newsml:reuters.com:*:nL3N2VY329
    ** iShares Nasdaq Biotechnology ETF  IBB.O  down 3% while
SPDR S&P Biotech ETF  XBI.P  slides 5%; both had closed higher
on Monday after two consecutive days of losses
    ** Up to the last close, XBI and IBB have fallen 27% and
18.6%, respectively, so far this year

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))