4Q22 Wrap: Stopping the bleeding

After steady declines in the first nine months of the year, biotech stocks clawed back some of that ground in 4Q22, posting gains in all but the microcap tier, which was flat for the quarter. Companies that started the quarter with valuations of $5-$9.9 billion fared best, gaining a median of 19%.

The gains were not enough to undo the earlier losses, however, with each market cap tier down for the full year...