The BioWorld Biopharmaceutical Index (BBI) showed signs of recovery after hitting its lowest point of the year in late May, when it closed the month down 7.02%. While still negative overall, the index improved to -5.11% by the end of June and finished July down 3.57%. Similarly, the Nasdaq Biotechnology Index and the Dow Jones Industrial Average bottomed out at the end of May but posted stronger rebounds, closing July up 3.49% and 3.73%, respectively.

Plans for a late-stage test of Valneva SE's COVID-19 vaccine candidate, clinical progress on a different vaccine from Novavax Inc. and advancement for two midstage therapies targeting the virus made clear April 6 that industry efforts to battle the pandemic remain in high gear.