Bron : kbc securities
2016: OVERALL MARKETS DEPRESSED, BUT BIOTECH STOCKS WITH US EXPOSURE EVEN MORE
For FY15, the US biotech indices still ended the year up, with the
Nasdaq Biotech (NBI) gaining 12%. European Biotech grew 22% and
the Belgian Euronext Pharma&Bio index spurred 37% (driven by a
strong 4Q15 rally of heavy weight UCB). However, sentiment quickly
plummeted around the turn of the year, with the NBI down 28% at the
2016 low-point in early February and -20% for the European and
Belgian biotech indices. General indices such as EURSTOXX or the
Bel20 ended the 2015 year up (respectively 4% and 13%), but also
had a rough start to 2016, down 15-20% at the February low-point.
Since then, markets have rebounded by ~10%, but are still ~5% lower
versus year-start, and the NBI is currently still 25% down
Zooming into the Brussel Biotech market, it is striking that the stocks
of those companies with a strong shareholder base in the US ( ablynx,galapagos,ceylad)
of the companies with no or limited US-based investor exposure (YTD
~-10%). The correlation with the NASDAQ Biotech Index for those with
strong US investor exposure is stricking
Een verloren kwartaal.