尽管面临不利因素，分析师称生物技术抛售可能提供买入机会-动脉网

Despite Headwinds, Biotech Sell-Off Could Offer Buying Opportunity: Analyst

benzinga 等信源发布 2025-04-03 15:10

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Bank of America Securities

美银证券

writes that SMid-cap biotech

写道，中小型生物科技

, companies with small to mid-sized market capitalizations, had a rocky start to the year.

中小市值公司，今年开局不顺。

Many companies in the coverage are down 20-40% year-to-date (NBI: -2.35%).

许多公司今年以来的跌幅达到20%-40%（NBI：-2.35%）。

Tariff concerns and the U.S. Food and Drug Administration (FDA) shakeup added further near-term uncertainty to an already challenging

关税担忧和美国食品药品监督管理局（FDA）的改组增加了本已充满挑战的近期不确定性。

already challenging outlook

已经充满挑战的前景

。

Earlier this week,

本周早些时候，

Peter Marks

彼得·马克斯

resigned from his role at the FDA’s Center for Biologics Evaluation and Research.

从FDA生物制品评估与研究中心的职位上辞职。

Marks was a top regulator at the FDA and played a key role in ensuring the quick approval of vaccines

Marks是FDA的高级监管者，在确保疫苗快速获批方面发挥了关键作用。

during the COVID-19 pandemic

在新冠疫情大流行期间

。

In March, the U.S. Department of Health and Human Services unveiled a sweeping restructuring plan on Thursday to cut costs, streamline operations and refocus priorities.

今年三月，美国卫生与公众服务部周四公布了一项广泛的重组计划，旨在削减成本、简化操作流程并重新聚焦重点任务。

Also Read:

另请阅读：

FTC Pauses Lawsuit Against CVS, Cigna, UnitedHealth’s PBMs Amid Commissioner Shortage

美国联邦贸易委员会因专员短缺暂停对CVS、信诺和联合健康旗下药品福利管理公司的诉讼

The changes, aligned with President

这些变化与总统保持一致

Donald Trump's

唐纳德·特朗普的

executive order on government efficiency, will reduce the agency’s workforce, consolidate divisions, and emphasize efforts to

关于政府效率的行政命令将减少该机构的劳动力，合并部门，并强调努力

combat chronic illness

对抗慢性疾病

。

The analyst points out that public biotech companies raised only $4.7 billion, compared to $13.6 billion last year, highlighting ongoing challenges in the capital market.

分析师指出，公共生物技术公司仅筹集了47亿美元，而去年为136亿美元，突显出资本市场面临的持续挑战。

“And while we see these macro headwinds as likely to continue over the course of 2025,

“虽然我们认为这些宏观不利因素可能会在2025年期间持续存在，

drugs being exempt from reciprocal tariffs

药品免于互惠关税

should offer some much-needed near-term reprieve for the sector, in our view,” BofA analyst writes.

美国银行分析师写道：“应该会为该行业提供一些短期内急需的缓解。”

Novavax Inc

诺瓦瓦克斯公司

NVAX

诺瓦瓦克斯医药

is just one example of FDA. On Wednesday, the regulators missed the deadline for deciding to grant full approval to Novavax’s Covid-19 shot.

只是FDA的一个例子。周三，监管者错过了决定是否给予Novavax的新冠疫苗完全批准的最后期限。

BofA expects more details on the delay in the coming weeks. The expected $125 million milestone payment from

美国银行预计未来几周会有更多关于延迟的细节。预期的1.25亿美元里程碑付款来自

Sanofi SA

赛诺菲公司

SNY

will likely be pushed to the second half of 2025.

可能会被推迟到2025年下半年。

Despite small and mid-cap biotech stocks being among the worst performers this year, the sector may still present a strong opportunity. Most of these companies (80%) are pre-commercial and have minimal exposure to tariffs or FDA decisions, with only 2 out of 29 under BofA coverage awaiting FDA approval..

尽管今年小型和中型生物技术股票表现最差，但该行业仍可能带来良好的机会。这些公司中大多数（80%）处于商业化前期，对关税或FDA决策的影响很小，在BofA覆盖的29家公司中，仅有2家在等待FDA批准。

The bigger challenges are high interest rates and limited access to capital, but these risks are already factored into valuations. While negative headlines may continue to impact sentiment and investment flows, the recent broad sell-off could be an appealing entry point.

更大的挑战是高利率和资本获取有限，但这些风险已经反映在估值中。尽管负面新闻可能继续影响市场情绪和投资流动，但最近的普遍抛售可能是一个有吸引力的入场点。