Biotech down again in 3Q19
Winners, losers by market cap tier in 3Q19
Biotech stocks are continuing a downward trend, with all market cap tiers losing value in 3Q19, leading to a total quarterly loss of $88.8 billion.
Companies valued at $1-$4.9 billion, $5-$9.9 billion and above $10 billion saw median losses of 9%.
However, one third of the $10 billion-plus companies had gains, led by Seattle Genetics Inc. (NASDAQ:SGEN), which rose 30% on the quarter after a slate of positive news. In mid-September, Seattle Genetics and partner Astellas Pharma Inc. (Tokyo:4503) said FDA accepted a BLA and granted Priority Review to enfortumab vedotin for locally advanced or metastatic urothelial cancer; the product has a PDUFA date of March 15, 2020.
The company also unveiled positive data for multiple programs