In search of biotech’s next big story: A Perspective

A meaningful leg up for biotech over the next few quarters is likely going to be difficult due to macro headwinds that we’re all familiar with. But industry’s lack of a thematic story that can draw incremental investors into the life sciences is also a major challenge.

It is now more than four years that biotech — imperfectly measured by the performance of the XBI or NBI indexes — has been in either a bear or sideways market. For a large portion of the period this was driven by the fallout of rapidly rising interest rates that pushed investors out of equities. ...