These graphs compare the performance of the biotech stocks for all of 2020 using two different measures. The BioWorld Stock Indicator measures the average percent change year to date in the 472 U.S. biotech and biotech-related stocks that are covered in BioWorld. The Friday closing price of each stock on the list is compared either to its 2019 closing price (12/31/19) or the close price of the IPO date (if the stock started trading in 2020), and expressed as a percent change. Then the percent changes for all stocks on the list are added and subsequently divided by the total number of stocks listed. The Nasdaq Biotech Index comprises approximately 200 biotech securities that are listed on Nasdaq. The companies must have a minimum market cap of $200M to be included on the list. The index is market-value weighted, with the representation of each stock in the index being proportional to its closing price times the total number of shares outstanding, relative to the total market value of the index.