Biotech index narrowly avoids longest annual losing streak

Tourmaline Bio

29/12/2023 14:24

** The Nasdaq biotech index  .NBI  is set to end 2023 higher
after a bounce in late October, narrowly avoiding a third year
of annual declines
    ** NBI, which is up ~4% YTD as of last close, last fell for
two straight years between 2001 and 2002, which was the index's
longest ever losing streak 
    ** While 2023 has been a "year of ambiguity and pain in
biotech", declines reversed after the Fed's more dovish stance
and commentary on interest rates, Mizuho analysts said earlier
this month 
    ** High interest rates, along with low M&A in 2022 and 2021
had hit sector sentiment in the previous two years 
    ** At least three NBI-listed companies - Eyepoint Pharma
 EYPT.O , Ambrx Biopharma  AMAM.O  and Tourmaline Bio  TRML.O 
are set to end 2023 with an over 500% increase in stock value
YTD
    ** Top YTD losers on the NBI include Aclaris Therapeutics
 ACRS.O , Ventyx Biosciences  VTYX.O  and Bluebird bio  BIO.O  
    ** "We're already in unprecedented territory with this
prolonged bear market, and now have many compelling names with
potentially tremendous upside and attractive valuations" Cantor
analysts said this month

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Nasdaq biotech index set to end 2023 higher    https://tmsnrt.rs/3RNqHIm
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 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15;))