Biotech stocks reversed course in the week ending March 4, as the Ukrainian crisis weighed down on the broader market as well as the sector. The iShares Biotechnology ETF (NASDAQ: IBB) retreated in four out of five sessions of the week.
Key takeaways:
GenScript Biotech said it lost up to $519 million last year, with its Legend Biotech unit accounting for nearly 70% of that
Legend Biotech’s Cilta-cel CAR-T cell therapy product was approved by the FDA on Monday, and could become a major cash cow for GenScript Biotech
By Molly Wen
Biopharma stocks lock-stepped with the broader market in the week ending Feb. 25 before finishing higher. The trajectory was the same, with the sector declining in the first two sessions of the holiday-shortened week before making a comeback.
Gainers
Calliditas Therapeutics AB (NASDAQ: CALT) rose 36.5% to $25.45 in pre-market trading after the company announced it was granted by the FDA accelerated approval of TARPEYO to reduce proteinuria in lgA nephropathy.