|
International Biotechnology Trust PLC on Tuesday said it outperformed its reference index in the first half of the year despite market jitters. The London-based investment trust said the net asset value per share total return for the six months to the end of February was 2.9%, outperforming the reference Nasdaq Biotechnology Index which fell by 3.0% over the period. NAV per share was 772.52 pence at the end of February, up 0.8% from 776.30 pence at the end of August 2024. ‘There is no doubt that we are in a period of great uncertainty for equity investors. However, the board believes, the long-term fundamentals for the biotechnology industry remain very much intact,’ said Chair Kate Cornish-Bowden. ‘Increasing demand for medicines to treat disease and help us live healthier, longer lives is inevitable as populations across the globe age. Combine this with the extraordinary progress in drug development in the last few years and the future for the sector looks very promising.’ Cornish-Bowden said the risk-averse market environment during the period did impact the biotechnology sector. The appointment of Robert F Kennedy Jr as Health and Human Services Secretary in the US government ‘has further shaken confidence’. The chair noted that the decision to cut funding at the National Institute of Health and make staff cuts at the Food & Drug Administration could impact future drug approvals. Looking ahead, the chair said the portfolio managers and board believes that recent share price falls create ‘an extraordinary valuation opportunity’ for investors. Shares in International Biotechnology Trust were flat at 578.00 pence in London on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
