HCA BioSnack update: Biotech and Life Science stocks takes a pause while underlying deal activity shows no sign of stopping
The strong finish to 2023 didn’t last into 2024 as Biotech and Life Science stocks moved sideways the last month and were unable to keep pace with the general stock market, which managed to climb to new record highs. Year-to-date, the S&P Biotech index is up +2.0%, and the HCA Little Mermaid index is down -2.2%, lagging MSCI All Countries at +2.9% percent and thus not being able to maintain the initial weeks of outperformance in 2024 following the positive sentiment on the back of an eventful JP Morgan Healthcare conference. Excluding the major heavyweight technology stocks in US (‘Magnificent 7’), of which most are up strongly year-to-date, the general stock market is currently also in negative development.
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Disclaimer: HC Andersen Capital receives payment from all companies for a Digital IR/Corporate Visibility subscription agreement. /Claus Thestrup 08:00 AM 13-02-2024.