Bear strengthens biotech

A year-long biotechnology bear market has led to a strengthening in the underlying fundamentals of the biotech sector. This is according to the management of the International Biotechnology Trust (IBT), which saw a 46% fall in NAV for the year ended 31 August 2001. Over three years to 1 October 2001 the biotech and life sciences sector is the top performing sector in investment trusts, returning £2,908 on an initial £1,000 invested on a mid to mid basis. However, that masks significant losses made by the main body of biotechnology stocks. While IBT's NAV fell 46.1% over the last year to...