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2021-12-16
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In a Bad Year for Biotech Stocks, Deals and Vaccines Were Winners<blockquote>在生物技术股糟糕的一年里，交易和疫苗是赢家</blockquote>
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Some analysts and investors say these three strategies will prove successful for biotech investors once again in 2022.</p><p><blockquote>但一些生物技术投资者通过专注于合并、卖空和 Covid-19 股票而蓬勃发展。一些分析师和投资者表示，这三种策略将在2022年再次被生物技术投资者证明是成功的。</blockquote></p><p> Hedge funds including Perceptive Advisors, OrbiMed Partners, Logos Capital and Cormorant Asset Management run funds that have suffered double-digit percentage losses this year. The SPDR S&P Biotech ETF, an equal-weighted index of biotech stocks, has fallen nearly 23% so far this year, an indication of how widespread the losses have been.</p><p><blockquote>包括 Perceptive Advisors、OrbiMed Partners、Logos Capital 和 Cormorant Asset Management 在内的对冲基金今年管理的基金遭受了两位数的百分比损失。SPDR S&P Biotech ETF 是生物技术股票的等权重指数，今年迄今已下跌近 23%，这表明损失的范围有多大。</blockquote></p><p> But biotech investors have benefited from some big takeovers in the sector. One popular hedge-fund investment: GW Pharmaceuticals PLC, a British company that develops cannabinoid-based prescription medicines,was acquired by Jazz Pharmaceuticals in May for over $7 billion. Dicerna Pharmaceuticals was another takeover play that worked for investors during the year.</p><p><blockquote>但生物技术投资者已经从该行业的一些大型收购中受益。一项受欢迎的对冲基金投资： 开发大麻素处方药的英国公司 GW Pharmaceuticals PLC 于 5 月被 Jazz Pharmaceuticals 以超过 70 亿美元的价格收购。Dicerna Pharmaceuticals 是今年另一项对投资者有利的收购。</blockquote></p><p> GW Pharma rose about 90% during 2021, before it was acquired, while Dicerna, which recently announced plans to be acquired, is up about 72%. And this week,Pfizer Inc.announced it would buyArena PharmaceuticalsInc., news that almost doubled Arena shares.</p><p><blockquote>GW Pharma 在被收购之前的 2021 年上涨了约 90%，而最近宣布计划被收购的 Dicerna 则上涨了约 72%。本周，辉瑞公司宣布将收购 Arena PharmaceuticalsInc.，这一消息几乎使 Arena 股价翻了一番。</blockquote></p><p> There may be more of these kinds of deals in 2022, investors say, as cash-heavy pharmaceutical companies look to buy growing biotech companies. Smaller biotech companies may be more inclined to sell after suffering in 2021, the investors say.</p><p><blockquote>投资者表示，随着现金充裕的制药公司寻求收购成长型生物技术公司，2022 年可能会有更多此类交易。投资者表示，规模较小的生物技术公司在 2021 年遭受损失后可能更倾向于出售。</blockquote></p><p> Biotech short sellers profited in 2021, as well. Cancer company Rafael HoldingsInc.,which gained interest among individual investors due to early signs it might develop a drug to combat pancreatic cancer, tumbled after reporting disappointing Phase 3 data for its drug and experiencing some executive departures. Rafael is down about 77% so far in 2021.</p><p><blockquote>生物技术卖空者在 2021 年也获利。癌症公司 Rafael HoldingsInc. 因早期迹象表明其可能开发一种对抗胰腺癌的药物而引起了个人投资者的兴趣，但在报告其药物令人失望的 3 期数据并经历一些高管离职后，该公司暴跌。2021 年迄今为止，拉斐尔股价下跌了约 77%。</blockquote></p><p> Some traders lost money because they hedged their biotech portfolios with bets against the S&P 500, which is up over 20% on the year.</p><p><blockquote>一些交易员亏损了，因为他们用不利于标普500的押注来对冲他们的生物技术投资组合，今年上涨了20%以上。</blockquote></p><p> Of course, Covid-19 vaccine stocks were the stars of 2021, though many have fallen sharply from recent highs. Moderna started the year over $100, approached $500 in the summer, and now trades around $275, still up sharply on the year.</p><p><blockquote>当然，新冠肺炎疫苗股票是2021年的明星，尽管许多股票已经从近期的高点大幅下跌。Moderna年初超过100美元，夏季接近500美元，现在交易价格在275美元左右，今年仍大幅上涨。</blockquote></p><p> “Anything that’s Covid-related has done well, or at least held up,” says Brad Loncar at Loncar Investments, which created two biotech exchange-traded funds.</p><p><blockquote>“Loncar Investments 的布拉德-隆卡尔（Brad Loncar）说：”任何与 Covid 相关的事情都做得很好，或者至少是坚持下来的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/11261b7a0f9858c916f503bddf94a00b\" tg-width=\"833\" tg-height=\"735\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> A new urgency for booster shots, as well as a potential need for reworked vaccines to protect against Omicron, could boost sales for Moderna,Pfizer and other Covid-19 vaccine companies.</p><p><blockquote>加强注射的新紧迫性，以及对重新加工疫苗以预防奥密克戎病毒的潜在需求，可能会促进 Moderna、辉瑞和其他 Covid-19 疫苗公司的销售。</blockquote></p><p> “There will be a strong and continued push for people to get boosted,” says Michael Yee of Jefferies. He adds that there will be strong consideration from health authorities and others for new versions of an Omicron-specific vaccine.</p><p><blockquote>“杰富瑞的迈克尔-易（Michael Yee）说：”我们将继续大力推动人们获得提升。他补充说，卫生当局和其他人将强烈考虑新版本的奥密克戎特异性疫苗。</blockquote></p><p> Mr. Yee notes that both Moderna and Pfizer have plans to update their vaccines, if needed. But he has long had a “hold” rating on Moderna, due to what he describes as the stock’s already high valuation, a sign that strong prospects for these companies may not lead to strong gains.</p><p><blockquote>Yee先生指出，如果需要的话，Moderna和辉瑞都计划更新他们的疫苗。但他长期以来一直对 Moderna 给予 “持有 ”评级，因为他认为该股估值已经很高，这表明这些公司的强劲前景可能不会带来强劲的收益。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In a Bad Year for Biotech Stocks, Deals and Vaccines Were Winners<blockquote>在生物技术股糟糕的一年里，交易和疫苗是赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIn a Bad Year for Biotech Stocks, Deals and Vaccines Were Winners<blockquote>在生物技术股糟糕的一年里，交易和疫苗是赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-12-16 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Biotech stocks have crumbled this year and a number of prominent hedge funds have suffered deep losses.</p><p><blockquote>生物技术股今年暴跌，许多知名对冲基金遭受了重大损失。</blockquote></p><p> But some biotech investors are thriving by focusing on mergers, short selling and Covid-19 stocks. Some analysts and investors say these three strategies will prove successful for biotech investors once again in 2022.</p><p><blockquote>但一些生物技术投资者通过专注于合并、卖空和 Covid-19 股票而蓬勃发展。一些分析师和投资者表示，这三种策略将在2022年再次被生物技术投资者证明是成功的。</blockquote></p><p> Hedge funds including Perceptive Advisors, OrbiMed Partners, Logos Capital and Cormorant Asset Management run funds that have suffered double-digit percentage losses this year. The SPDR S&P Biotech ETF, an equal-weighted index of biotech stocks, has fallen nearly 23% so far this year, an indication of how widespread the losses have been.</p><p><blockquote>包括 Perceptive Advisors、OrbiMed Partners、Logos Capital 和 Cormorant Asset Management 在内的对冲基金今年管理的基金遭受了两位数的百分比损失。SPDR S&P Biotech ETF 是生物技术股票的等权重指数，今年迄今已下跌近 23%，这表明损失的范围有多大。</blockquote></p><p> But biotech investors have benefited from some big takeovers in the sector. One popular hedge-fund investment: GW Pharmaceuticals PLC, a British company that develops cannabinoid-based prescription medicines,was acquired by Jazz Pharmaceuticals in May for over $7 billion. Dicerna Pharmaceuticals was another takeover play that worked for investors during the year.</p><p><blockquote>但生物技术投资者已经从该行业的一些大型收购中受益。一项受欢迎的对冲基金投资： 开发大麻素处方药的英国公司 GW Pharmaceuticals PLC 于 5 月被 Jazz Pharmaceuticals 以超过 70 亿美元的价格收购。Dicerna Pharmaceuticals 是今年另一项对投资者有利的收购。</blockquote></p><p> GW Pharma rose about 90% during 2021, before it was acquired, while Dicerna, which recently announced plans to be acquired, is up about 72%. And this week,Pfizer Inc.announced it would buyArena PharmaceuticalsInc., news that almost doubled Arena shares.</p><p><blockquote>GW Pharma 在被收购之前的 2021 年上涨了约 90%，而最近宣布计划被收购的 Dicerna 则上涨了约 72%。本周，辉瑞公司宣布将收购 Arena PharmaceuticalsInc.，这一消息几乎使 Arena 股价翻了一番。</blockquote></p><p> There may be more of these kinds of deals in 2022, investors say, as cash-heavy pharmaceutical companies look to buy growing biotech companies. Smaller biotech companies may be more inclined to sell after suffering in 2021, the investors say.</p><p><blockquote>投资者表示，随着现金充裕的制药公司寻求收购成长型生物技术公司，2022 年可能会有更多此类交易。投资者表示，规模较小的生物技术公司在 2021 年遭受损失后可能更倾向于出售。</blockquote></p><p> Biotech short sellers profited in 2021, as well. Cancer company Rafael HoldingsInc.,which gained interest among individual investors due to early signs it might develop a drug to combat pancreatic cancer, tumbled after reporting disappointing Phase 3 data for its drug and experiencing some executive departures. Rafael is down about 77% so far in 2021.</p><p><blockquote>生物技术卖空者在 2021 年也获利。癌症公司 Rafael HoldingsInc. 因早期迹象表明其可能开发一种对抗胰腺癌的药物而引起了个人投资者的兴趣，但在报告其药物令人失望的 3 期数据并经历一些高管离职后，该公司暴跌。2021 年迄今为止，拉斐尔股价下跌了约 77%。</blockquote></p><p> Some traders lost money because they hedged their biotech portfolios with bets against the S&P 500, which is up over 20% on the year.</p><p><blockquote>一些交易员亏损了，因为他们用不利于标普500的押注来对冲他们的生物技术投资组合，今年上涨了20%以上。</blockquote></p><p> Of course, Covid-19 vaccine stocks were the stars of 2021, though many have fallen sharply from recent highs. Moderna started the year over $100, approached $500 in the summer, and now trades around $275, still up sharply on the year.</p><p><blockquote>当然，新冠肺炎疫苗股票是2021年的明星，尽管许多股票已经从近期的高点大幅下跌。Moderna年初超过100美元，夏季接近500美元，现在交易价格在275美元左右，今年仍大幅上涨。</blockquote></p><p> “Anything that’s Covid-related has done well, or at least held up,” says Brad Loncar at Loncar Investments, which created two biotech exchange-traded funds.</p><p><blockquote>“Loncar Investments 的布拉德-隆卡尔（Brad Loncar）说：”任何与 Covid 相关的事情都做得很好，或者至少是坚持下来的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/11261b7a0f9858c916f503bddf94a00b\" tg-width=\"833\" tg-height=\"735\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> A new urgency for booster shots, as well as a potential need for reworked vaccines to protect against Omicron, could boost sales for Moderna,Pfizer and other Covid-19 vaccine companies.</p><p><blockquote>加强注射的新紧迫性，以及对重新加工疫苗以预防奥密克戎病毒的潜在需求，可能会促进 Moderna、辉瑞和其他 Covid-19 疫苗公司的销售。</blockquote></p><p> “There will be a strong and continued push for people to get boosted,” says Michael Yee of Jefferies. He adds that there will be strong consideration from health authorities and others for new versions of an Omicron-specific vaccine.</p><p><blockquote>“杰富瑞的迈克尔-易（Michael Yee）说：”我们将继续大力推动人们获得提升。他补充说，卫生当局和其他人将强烈考虑新版本的奥密克戎特异性疫苗。</blockquote></p><p> Mr. Yee notes that both Moderna and Pfizer have plans to update their vaccines, if needed. But he has long had a “hold” rating on Moderna, due to what he describes as the stock’s already high valuation, a sign that strong prospects for these companies may not lead to strong gains.</p><p><blockquote>Yee先生指出，如果需要的话，Moderna和辉瑞都计划更新他们的疫苗。但他长期以来一直对 Moderna 给予 “持有 ”评级，因为他认为该股估值已经很高，这表明这些公司的强劲前景可能不会带来强劲的收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/in-a-bad-year-for-biotech-stocks-deals-and-vaccines-were-winners-11639564381?mod=markets_lead_pos5\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","MRNA":"Moderna, Inc.","JAZZ":"爵士制药"},"source_url":"https://www.wsj.com/articles/in-a-bad-year-for-biotech-stocks-deals-and-vaccines-were-winners-11639564381?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151734731","content_text":"Biotech stocks have crumbled this year and a number of prominent hedge funds have suffered deep losses.\nBut some biotech investors are thriving by focusing on mergers, short selling and Covid-19 stocks. Some analysts and investors say these three strategies will prove successful for biotech investors once again in 2022.\nHedge funds including Perceptive Advisors, OrbiMed Partners, Logos Capital and Cormorant Asset Management run funds that have suffered double-digit percentage losses this year. The SPDR S&P Biotech ETF, an equal-weighted index of biotech stocks, has fallen nearly 23% so far this year, an indication of how widespread the losses have been.\nBut biotech investors have benefited from some big takeovers in the sector. One popular hedge-fund investment: GW Pharmaceuticals PLC, a British company that develops cannabinoid-based prescription medicines,was acquired by Jazz Pharmaceuticals in May for over $7 billion. Dicerna Pharmaceuticals was another takeover play that worked for investors during the year.\nGW Pharma rose about 90% during 2021, before it was acquired, while Dicerna, which recently announced plans to be acquired, is up about 72%. And this week,Pfizer Inc.announced it would buyArena PharmaceuticalsInc., news that almost doubled Arena shares.\nThere may be more of these kinds of deals in 2022, investors say, as cash-heavy pharmaceutical companies look to buy growing biotech companies. Smaller biotech companies may be more inclined to sell after suffering in 2021, the investors say.\nBiotech short sellers profited in 2021, as well. Cancer company Rafael HoldingsInc.,which gained interest among individual investors due to early signs it might develop a drug to combat pancreatic cancer, tumbled after reporting disappointing Phase 3 data for its drug and experiencing some executive departures. Rafael is down about 77% so far in 2021.\nSome traders lost money because they hedged their biotech portfolios with bets against the S&P 500, which is up over 20% on the year.\nOf course, Covid-19 vaccine stocks were the stars of 2021, though many have fallen sharply from recent highs. Moderna started the year over $100, approached $500 in the summer, and now trades around $275, still up sharply on the year.\n“Anything that’s Covid-related has done well, or at least held up,” says Brad Loncar at Loncar Investments, which created two biotech exchange-traded funds.\n\nA new urgency for booster shots, as well as a potential need for reworked vaccines to protect against Omicron, could boost sales for Moderna,Pfizer and other Covid-19 vaccine companies.\n“There will be a strong and continued push for people to get boosted,” says Michael Yee of Jefferies. He adds that there will be strong consideration from health authorities and others for new versions of an Omicron-specific vaccine.\nMr. Yee notes that both Moderna and Pfizer have plans to update their vaccines, if needed. But he has long had a “hold” rating on Moderna, due to what he describes as the stock’s already high valuation, a sign that strong prospects for these companies may not lead to strong gains.","news_type":1,"symbols_score_info":{"DRNA":0.9,"PFE":0.9,"MRNA":0.9,"JAZZ":0.9}},"isVote":1,"tweetType":1,"viewCount":1248,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/690318078"}
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