Hedge funds scoop up biotech stocks after ‘catastrophic’ declines

Financial Times LogoFinancial Times1 mo ago

Hedge funds scoop up biotech stocks after ‘catastrophic’ declines

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Industry insiders attributed the sell-off in the sector in part to the departure of so-called tourist investors who do not specialise in biotech but who were hunting for returns during the early stages of the pandemic.

One of the highest-profile funds to suffer is New York-based Perceptive Advisors, which lost about 32 per cent last year and is down 35 per cent this year to late June, according to numbers sent to investors and a person familiar with the performance.

Hedge funds are hunting for bargains in the beaten-down biotechnology sector, betting that a vicious sell-off has run its course and that lower valuations will breathe life back into deal flow.

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Article Details

Author / Journalist: Laurence Fletcher

Category: MarketsFinanceInvesting

Topics: Sector Hedge Funds Fund Biotech Year Sell-off Investors Prices Companies

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-30, 10:00:14

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 6 minutes read

Article Length: 935 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 22526

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