Biotech Rebound?
Here are three things we thought You Should Know today
Eupraxia and the biotech bounce – interesting to watch the recent market action on the NASDAQ biotech index recently, as you can see in these charts below. After a lengthy downturn from the peak of the market in early 2021, we’ve had a relatively strong move in the past several weeks. Is this the beginning of a biotech rebound?
XBI - Six Months XBI - Five Years
I’ll let the chart technicians sift through this for their views, but based on the reception we’re getting with two of our clients in Europe, there is definitely renewed interest and cash on the sidelines looking for the right opportunity to deploy. The recent bounce in the NASDAQ biotech index you see in the chart in the above right is definitely being noticed by both investment bankers and biotech CEOs. Something to watch closely in the weeks ahead, I think. If we get any sign of rates starting to edge down in Q1/24 or early Q2, my money is on this sector being one of the strongest out of the gates.
The team at Sernova Corporation (SVA $0.79 Mkt cap $209 million) certainly received a very warm welcome with our network in the UK and Europe last week. The company is developing technologies for the treatment of patients with T1 diabetes, hemophilia A and thyroid disease. If you follow me on LinkedIn you will have seen clear proof of that.
Next week we’re heading to Dublin, London and Madrid with Eupraxia Pharmaceuticals (EPRX-$5.85 Mkt cap $159 million) – here’s a link to their presentation and fact sheet.
CEO and co-founder James Helliwell is a cardiac anesthesiologist whose previous practice focused on heart transplants. Eupraxia has developed a delivery technology with a goal of providing the right dose of drug in the right place for the right amount of time in indications of high unmet medical need.
Dr. James Helliwell
I’ll be with James in Dublin next Monday and then visiting institutional accounts in London with him on Tuesday. Peter Cowan will be working his London family office network with James on Wednesday before the two of them fly off to Madrid for a full day of family office meetings on Thursday. Again, check out my LinkedIn profile starting Monday of next week for updates on our tour with James.
And, I’ll be sending you a video update from London for next week’s YSK note.
1. Toronto reception – I’ll be in Toronto on Thursday, December 7th (tomorrow) and with Peterson Capital VP Rachael Singh, will be hosting a Christmas cheer reception in the lobby of One King West from 4-6 pm. Drop by to say hello if you’re in the area. Looks like a very strong turnout so far so should be fun. Drop me a line if you can make it.
2. The Bottom Line with Andrew Coyne – hope you can join me for a fun, freewheeling and fascinating 45-minute webcast this afternoon (Wednesday, December 6th) at 2:00 pm Mountain/4:00 pm Eastern with Globe and Mail columnist Andrew Coyne. We’ll be covering a wide range of global and national issues that is of interest to us all. If you miss the recording, we’ll be posting it on our website.
Andrew Coyne
Thank you for your continued interest and support.
Rick Peterson (He/him)
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