Update: Outlook favourable despite extended bull run
The Biotech Growth Trust (BIOG) is an established specialist investor in the worldwide biotechnology industry. Biotech has performed strongly in the three years to 31 January, with the benchmark NASDAQ Biotech index producing a total return of 195% and BIOG achieving NAV total returns of 223%. However, the managers point to valuations for major biotech stocks that compare favourably with big pharmaceutical firms, and greater potential earnings growth, as evidence that relative value still remains. Scientific advances and a more favourable regulatory environment are feeding through into a healthy drug pipeline. BIOG’s shares currently trade close to par, with buybacks used if the discount to NAV exceeds 6%.Biotech Growth Trust is an investment trust company. Co. invests in a range portfolio of shares and related securities in biotechnology companies on a worldwide basis. Co.'s alternative investment fund manager is Frostrow Capital LLP and its portfolio manager is OrbiMed Capital LLC. As of Mar 31 2017, Co. had total investment of £461.4 million.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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