Tag Archives: PUBLIC BIOTECH – Stats

1Q 2010 – All Time High for the BTK

The first quarter of 2010 saw the Amex Biotech Index (BTK) hit another all time high, thanks largely to Intermune’s (ITMN) jump of 240% and OSI’s (OSIP) gain of 92%. (Intermune received a positive recommendation from an FDA panel for pirfenidone, and OSI’s stock moved on the $3.5B hostile bid from Astellas.) The Nasdaq Biotech Index (NBI) climbed to its highest in over eight years. Both of these biotech indices are up since the financial Read More >

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FOPO – A Late Stage Financing Tool

The follow-on public offering (FOPO) market has been strong for biotech since early last year, but has it been open to companies at all stages of drug R&D? It turns out that FOPOs have been utilized primarily by late-stage biotechs.  I recently took a look at FOPOs listed in the Windhover Strategic Transactions database that took place from January 2009 to March 2010. Of the 46 drug development companies that raised over $25M in a Read More >

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Is P/E Compression Making Biotech a Bargin?

For the first time in biotech history, price to earnings multiples (P/E based on next year’s projected EPS) for large cap biotechs dropped below the average P/E for the S&P 500 index. Is this a sign that biotech is cheap relative to the market or is it because earnings growth is shrinking, commanding a lower P/E ratio? If we look at end of quarter P/E ratios (price /next 12 months of earnings) for the largest biotech Read More >

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Posts from the 9th Annual BIO Winhover & Pharmaceutical Strategic Outlook Conference (Feb 2010)

Did you miss a panel at the BIO Windhover/PSO Conference in New York? Here are links to my notes for five of the panels: NOTES FROM THE EXTERNALIZATION PANEL NOTES FROM THE OPTION DEALS PANEL NOTES FROM THE EARLY-STAGE DEALS PANEL NOTES FROM THE LATE-STAGE DEALS PANEL NOTES FROM THE REIMBURSEMENT PANEL

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BTK – A Decade of Change

Do you ever wonder what is really behind the often quoted BTK index (“NYSE Arca Biotechnology Index”)? Especially if it is the index you compare your own company’s stock with on a long term chart? If you compare your favorite biotech with the BTK over a 10 year period, here is what you are up against: CHANGE. When the last decade started, in the peak of the genomics bubble, the BTK was made up of Read More >

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