2Q20 Wrap: Biotech bounce

After the sudden, COVID-driven market declines that closed out 1Q20, biotech stocks rebounded in the second quarter with a force that has put shares up year to date. Many of the biggest moves came from companies developing vaccines or therapeutics for the new coronavirus, while others rode a market wave that floated biotech generally (see “Record Fund Flows”).

Companies starting 2Q20 with valuations above $10 billion added a median of 31.6% in market capitalization in the quarter, putting them up 26.2% YTD. Leading the pack was Moderna Inc. (NASDAQ:MRNA), which saw its market cap more than double. On May 18, the company announced positive interim data from the Phase I trial of its mRNA-1273 vaccine against SARS-nCoV-2 and followed the news with a $1.3 billion follow-on. ...