1Q26 Wrap: Back down again

While biotech started the year optimistic for a lasting return to bull markets, geopolitical forces drove stocks down in 1Q26. Biotech stocks fell across all market cap tiers, with the largest companies most resilient and the smallest losing the most.

Companies with starting valuations of $10 billion or more lost a median of 2%, with 21 up and 24 down. Cumulative valuation changed stayed positive, with the sum of market capitalizations in the tier up $21.3 billion...