Core Viewpoint - The biopharmaceutical sector is expected to fully return to the U.S. stock market by next year, but its recovery is lagging behind other industries due to consistently low returns for investors [1][2]. Group 1: IPO Activity - After a significant drop in IPOs last year, with only 18 companies, there have been only 5 biotech companies that raised over $50 million in IPOs this year [1]. - The recent IPO of Aardvark Therapeutics raised $98 million but has seen its stock price drop over one-third from the initial offering price of $16 [1]. - Only 4 out of the biotech companies that completed IPOs since last year with over $50 million in funding have stock prices above their offering prices [2]. Group 2: Market Performance - The Nasdaq Biotechnology Index has declined by 4% this year, underperforming the S&P 500 Index, which fell by 0.7% [2]. - Over the past five years, the biotechnology index has only achieved positive returns in one year and has never seen double-digit gains [2]. Group 3: Investment Sentiment - Many biotech companies that went public during the pandemic lack mature business models or reliable investment logic, leading to an average stock price drop of over 40% for those listed in 2020-2021 [2]. - Investors are becoming more stringent in their evaluation criteria, focusing not only on current data but also on future development paths [3]. - In an environment of uncertainty regarding drug pricing and regulatory policies, even successful clinical trials do not guarantee investment returns, making investors more cautious [3]. Group 4: Future Outlook - The industry is expected to see a gradual recovery in IPO activity over the next year, with predictions that the biotech IPO market will return to normal levels around 2026 [3]. - Large pharmaceutical companies facing "patent cliffs" are likely to invest in or acquire firms with strong clinical data to fill revenue gaps from expiring patents [3].
2026年前难见春天！美股生物科技IPO寒冬凛冽 投资者信心亟待重建
Zhi Tong Cai Jing·2025-05-28 02:37