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February BDI-40 Up 11%, ASX200 Up 5%
Big Caps Up 0.4%, NBI Up 0.3%

 Airxpanders Up 31%, Benitec 27%; Osprey Down 20%, Reva 18%

March 1, 2019

Australia’s hottest Summer on record was also hot for biotechs, with the Billion Dollar Club doing most of the heavy lifting.

 

Clinuvel, Nanosonics and Pro Medicus added $659 million to the index.

 

Matching the weather, February was one of the hottest on record and the Biotech Daily Top 40 Index (BDI-40) climbed 10.8 percent to a collective market capitalization of $8,262 million compared to the ASX200 up 5.2 percent to 6,169 points.

 

For the year to February 28, the BDI-40 fell 7.0 percent, the ASX200 was up 2.5 percent, the Nasdaq Biotechnology Index climbed 4.2 percent, and the Big Caps were up 16.1 percent.

 

The collective three Big Caps of Cochlear, CSL and Resmed (which are not included in the BDI-40) were up just 0.4 percent in February, struggling with punters unimpressed with a collective half-year record revenue of $8.762 billion and record net profit after tax of $2.065 billion. Just like Billy Idol, the market wanted “more, more, more”.

 

For the month of February, Cochlear fell 11.8 percent to $9,841 million, CSL slipped half a percent to $87,771 million, with Resmed defying the odds and climbing 11.6 percent to $20,790 million.

 

Eighteen of the BDI-40 stocks were up, 10 by more than 10 percent, while 16 fell with just five losing more than 10 percent.

 

From a dangerously low base, Airxpanders was the best in February, up $5 million or 31.25 percent to $21 million, followed by Benitec (26.9%), Nanosonics (24.3%), Clinuvel (23.8%), Polynovo (16.0%), Kazia (13.8%), Genetic Signatures (13.1%), Cynata (11.8%), Impedimed (11.8%) and Imugene (10.8%).

 

Osprey led the falls, down $11 million or 20.4 percent to $43 million, followed by Reva (18.4%), Antisense (17.6%), Neuren (13.0%) and LBT (12.5%).

 

Outside the Top 40, Cardiex and Resonance were at their peak market capitalization for the second month in a row, along with Bluechiip, while Bionomics’ slow recovery was boosted in February with a 106.3 percent jump to $131 million. Cogstate continued its downward trajectory, and at $43 million, was worth less than half of its value of 12 months ago.

 

The now 16 stocks in Cannabis Corner fell a collective 1.3 percent to $1,397 million. Elixinol Global added $51 million or 13.7 percent to $428 million, while former leader Cann Group – not to be confused by the rebadged Queensland Bauxite, now trading as Cann Global - lost $48 million or 20.4 percent to $187 million.

 

In the US, the NBI was up 0.3 percent in January, with Eyepoint (formerly Psivida) up 20.9 percent to $347 million, Israel’s Redhill (developing Australian assets) down 5.6 percent to $306 million, Brisbane’s Protagonist up 1.4 percent to $285 million, and Vaxart (formerly Aviragen and Melbourne’s Biota) at an all-time low, down 15.0 percent to $17 million.

 

BDI-40 v S&P ASX200 Jun 30, 2006 to Feb 28, 2019 

 

Big Caps (Cochlear, CSL, Resmed) Feb 28, 2016 To Feb 28, 2019