1Q24 wrap: Red rising

Biopharma stocks fell in all market cap tiers in 1Q24, reversing much of 4Q23’s gains. Still, median losses stayed in the single digits, with the microcap group, often falling the most, having smallest median loss at 3%.

Megacaps — those that started the year at $10 billion or more — had the second-smallest loss at a median of 4%. In total, they lost $17.7 billion in combined market capitalization...