The gloom deepens for biopharma stocks

A few months ago, it looked like there might be some reasons to be cheerful about the state of biopharma. But the sector’s stock market performance in the third quarter has had even the most optimistic of investors feeling down.

Evaluate Vantage’s quarterly look at sector-wide share price movements shows that there is always further to fall. The plight of big pharma, usually a popular safe haven in times of strife, is particularly alarming: the world's 11 largest drug makers collectively lost a staggering $294bn in market cap in the period.