Biotech Fund Wipes Out Last of Its Gains Since Covid Started [Business News Network (BNN) (Canada)]
Endo International plc - Ordinary Shares (ENDP)
Last endo international plc - ordinary shares earnings: 2/26 06:00 am
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Source: Business News Network
The closely watched SPDR S&P Biotech exchange-traded fund, known by its XBI ticker, has now lost more than 60% since its February 2021 peak and is now on track to close at its lowest since early 2017. The 15-month slide is the longest selloff since the equal-weighted fund's inception in 2006. The ETF fell 8.2% on Monday, the biggest drop since March 2020, to close at its lowest level since January 2017. Concerns over rising interest rates and a slowdown in growth has hit risky biotech bets -- many of which are now trading below their cash value. More than half the stocks in the 370 member Nasdaq Biotechnology Index traded at 52-week lows or worse on Monday. Some of the worst performers were Endo International Plc -- at a record low after reporting flagging sales -- and Guardant Health Inc., which extended its plunge after a key trial for its cancer tests was delayed. Wall Street isn't holding out for a recovery in the sector anytime soon. “The bar for a sustained XBI recovery
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