BioCentury on BioBusiness,
No European bull
Monday, October 4, 1999
London & the Continent
No European bull
OXFORD - While U.S. biotech companies have benefited from a
12-month bull run, the same cannot be said for the European sector. U.K. biotech
stocks may have outperformed their continental counterparts this year, but it
is on the back of a disastrous 1998. The BioCentury London Index is up 32.4
percent during 1999 and 1.6 percent in the third quarter, whereas the majority
of continental European stocks are down this year.
"The limited supply of biotech in 1997 and 1998 on various stock exchanges drove some stocks up to untenable valuations, peaking in mid-1998," noted Nick Woolf at BancBoston Robertson Stephens. "As missed expectations caused sentiment to falter, stock prices were bound to follow indiscriminately."
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