Biotech's Paradox: A Robustly Valued, Highly Active And Seemingly Terrible IPO Market

After five very strong years, biotech as a sector has struggled to catalyze positive investor sentiment so far for the past 12 months. In a disastrous start to the year, the NASDAQ Biotech Index shed 30% in just the first 40 days. The carnage of this winter’s market was captured in a February 2016 post. Since then, the stock market has bounced around considerably, amplified by macro volatility with #Brexit, security and other issues, but closed the first-half of 2016 largely sideways since March.