3Q22 Wrap: always darkest before the dawn?

Biotech valuations were down again in 3Q22. The group that started the quarter with market caps between $500-$999 million lost the least, falling a median of 7%, while those starting in the $5-$9.9 billion range did worst, dropping a median of 17%.

Third quarter losses add to the grim first half. In the group that started the year at $25-$499 million, the median loss at the end of 3Q was 49%. Even the best performers, those that started 2022 at $10 billion or more, are down 30%. Those 34 companies have seen a combined total of $245.6 billion in market cap disappear in the first nine months of the year...