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September BDI-40 Up 11%, ASX200 Down 2%
Big Caps Down 9%, NBI Down 0.2%

 Bionomics Up 106%, Clinuvel 49%, Genetic Sigs 46%; Prescient Down 15%

October 1, 2018

Despite the loss of the $1.87 billion Sirtex, the raw September Biotech Daily Top 40 Index (BDI-40) fell just 4.1 percent, with Clinuvel joining and Mesoblast rejoining the $1 billion club. It is the first time the BDI-40 has had four companies worth more than $1 billion.

 

Adjusting the BDI-40 for company departures, in the same way the S&P Indices calculate the ASX200, the adjusted September BDI-40 was up 10.9 percent compared to the ASX200 slipping 1.8 percent.

 

September was exceptional for biotechs, with Bionomics up $249 million or 106.4 percent in the lead up to tomorrow’s expected BNC210 results for post-traumatic stress disorder. That the company needed a weekend-plus trading halt is … er … interesting, but we’ll know soon enough.

 

Unexpectedly, Clinuvel climbed $348 million to $1,054 million and Mesoblast returned to the Billion Dollar Club, up $246 million to $1,038 million.

 

The collective value of the three Big Caps of Cochlear, CSL and Resmed (which are not included in the BDI-40) fell for the first time in six months, down 8.8 percent for the month of September, but never-the-less up 49.8 percent on their value 12 months ago. CSL retreated 11.4 percent to $91,094 million, Cochlear eased seven percent to $11,574 million, but Resmed defied the trend, up 2.5 percent to $22,643 million.

 

Twenty-one of the BDI-40 companies were up (nine by more than 20 percent and six by more than 30 percent), with 15 down (of which just three fell more than 10 percent) and four were unchanged.

 

Bionomics was September’s best, up 106.4 percent to $483 million. From a much higher base, Clinuvel had the second largest percentage rise, up 49.3 percent to $1,054 million, followed by Genetic Signatures (46.2%), Factor Therapeutics (39.5%), Mesoblast (31.1%), Immutep (30.3%), Admedus on a capital raising despite spending the month suspended (26.3%), Pro Medicus (22.6%), Starpharma (21.8%) and Cyclopharm (14.1%).

 

Prescient led the falls, down 15.0 percent to $17 million, followed by sister cancer company Imugene (11.6%) and Compumedics (11.1%).

 

Outside the BDI-40, Rhinomed was at an all-time high, up 30.8 percent for the month and 126.7 percent for the year to $34 million on marijuana-infused nasal dilators. Allegra was up 133.3 percent for the year to $21 million, Biotron jumped 200 percent on Friday’s understated trial results, IDT held firm at $45 million, Resapp recovered to $146 million and Medibio fell 60 percent to $12 million on internal trouble.

 

The collective 15 companies in Cannabis Corner were 4.25 percent higher, with five up seven down and three unchanged.

 

The September Nasdaq Biotechnology Index (NBI) slipped 0.2 percent, with Eyepoint (Psivida) up 143.7 percent to $368 million, Israel’s Redhill up 17.1 percent to $260 million, Queensland’s Protagonist up 6.3 percent to $302 million and Vaxart (Biota) down 6.7 percent to $28 million.

 

BDI-40 v S&P ASX200 Jun 30, 2006 to Sep 30, 2018 

 

Big Caps (Cochlear, CSL, Resmed) Sep 30, 2015 To Sep 30, 2018