A rally in biotech stocks has raised hopes of a turnaround from the sector’s worst run this century, as drug developers suffered from rising interest rates and a backlash to pandemic-era euphoria.
Even as the wider US stock market approaches a record high, the S&P biotechnology index remains more than 50 per cent below its early 2021 peak.
However, the sector has been one of the biggest beneficiaries of a recent shift in interest rate expectations, bouncing more than 25 per cent since the start of November. A 5 per cent gain on Wednesday pushed it into positive territory for the year after declines of more than 20 per cent in 2021 and 2022.
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