2Q22 Wrap: it could be worse

Public biopharma companies continued to decline across all market cap tiers in 2Q22, adding to 1Q22 losses to make median declines of 26-37% in the first half. Still, in a quarter where the S&P500 lost 16%, biotech could have done worse. 

As in the first quarter, companies with the highest starting valuations saw smaller median declines, with companies starting the quarter at or over $10 billion losing a median of 10% in the quarter, and companies starting at $25 to $499.9 million losing 22%. ...