Everything from regulatory approvals, clinical readouts and big money buyout offers can boost the stocks of biopharma companies. But restructurings, diminishing cash and safety issues can also push the prices down. Either way, since the end of July, BioWorld’s Drug Developers Index has shown minimal movement. It is still down by 21.95% for the year, but that is its highest point since the end of March. In comparison with the broader markets, it is following closely the path of both the Nasdaq Biotechnology Index, down 17.16% for the year, and the Dow Jones Industrial Average, down 13.09%.

With a diminishing number of deals in the last month, the gap between deal values this year compared with each of the last two years has shrunk. In August, 2022 deal values were ahead of 2021 by 7% and of 2020 by 2%. Now, in early September, they are ahead of last year by 0.6% and behind 2020 by 3.5%. Volumes, which were down by 23% last month, are now down by 26%.