Biotech IPOs in the current market environment? Experts say it's 'a bit silly, if not suicidal'

2021 saw a rush of biotechs heading for the public markets, including companies seeking an initial public offering before ever producing a shred of clinical evidence.

And they paid for it.

Biotech IPOs hit a record with more than 100 listings last year, but the sector's stock performance paints a different picture than it did during a buoyant 2020, when drug developers capitalized on their lifesaving mission as the COVID-19 pandemic raged.