Biotech’s 2021 swoon has settled right into a 2022 malaise, with the carefully watched XBI index now down 40% for the yr. That has pushed greater than 200 public corporations into the undesirable territory of working a enterprise that’s price lower than the money they’ve within the financial institution.
The analysts at Evercore ISI trawled the numbers to seek out the trade’s most dire circumstances: corporations whose enterprise worth — which is market cap plus debt and minus money — is $100 million or extra under zero. There are about 30 of them, and whenever you add all of it up, these corporations have about $14 billion in money and a cumulative market cap of $8 billion, in response to Evercore ISI.
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