Worst Start To Health Conference Since 2001 Has Investors Sighing
Health care investors have grown accustomed to four days of optimism when Wall Street decamps to San Francisco each January to hear about science, deals and fresh opportunities at the J.P. Morgan Health Care Conference.
Instead, on Monday, it was practically a bloodbath. The 190-member Nasdaq Biotechnology Index fell 3.4 percent, the worst opening day of trading during the conference since 2001, when the broader market was in a downturn. The 56-member Standard & Poor’s Health Care Index fell 1.2 percent, its worst conference Monday since 2009. Stocks plunged, taking down everything from tiny biotechs to large cap drugmakers.
Instead, on Monday, it was practically a bloodbath. The 190-member Nasdaq Biotechnology Index fell 3.4 percent, the worst opening day of trading during the conference since 2001, when the broader market was in a downturn. The 56-member Standard & Poor’s Health Care Index fell 1.2 percent, its worst conference Monday since 2009. Stocks plunged, taking down everything from tiny biotechs to large cap drugmakers.