Biotech stocks faced turbulence, with Vertex Pharmaceuticals and Ionis Pharmaceuticals seeing about $14.8 billion wiped from their market value after setbacks. Vertex’s stock dropped following a $10 billion acquisition of Crinetics, which surged nearly 98% after receiving a buyout offer. Meanwhile, Ionis’s Wainua drug trial failed to meet expectations, leading to a significant stock decline. Conversely, companies like Crinetics, BridgeBio, and Vera Therapeutics gained value, with Vera receiving FDA approval for Trutakna. Amidst these shifts, Apnimed filed for a U.S. IPO, indicating a potential thaw in the biotech IPO market. Upcoming clinical data from Q32 Bio and regulatory decisions for Celcuity are anticipated next week, highlighting ongoing selective investment in the biotech sector.
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Link to original article source: https://ts2.tech/en/biotech-stocks-face-big-15b-hit-as-vertex-ionis-skew-flat-weekly-tape/
