HCA Biosnack update: Will BioTech and Life Science stocks finally catch up as we enter 2024?
A strong finish to the year managed to secure a positive return for BioTech stocks in 2023 – the first in three years. The actual return was a decent 7,6 percent for the broader S&P BioTech index and a slightly higher 12,9 percent for the Mermaid Index, but those returns cannot hide the fact that 2023 was another lackluster year for BioTech and Life Science investors when compared to the stock market in general as BioTech and Life Science stocks (using S&P Biotech index) markedly underperformed MSCI All Countries by 10,4 percent. Adding the returns – or lack thereof! - from 2021 and 2022, a combined underperformance of more than 40 percent for the S&P BioTech index in the last three years probably better reflect the general negative investor sentiment with respect to BioTech and Life Science stocks as we enter 2024.
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Disclaimer: HC Andersen Capital receives payment from all companies for a Digital IR/Corporate Visibility subscription agreement. /Claus Thestrup 11:20 AM 15-01-2024.
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