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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: ft.com

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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About Financial Times

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Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 16 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

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Publisher ID: #3

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