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2018 - The Year In Review

13-Year BDI-40 Up 339%, Big Caps Up 681% ASX200 Up 30%

12-Month BDI-40 Up 40%, Big Caps Up 13%, ASX200 Up 7%
NBI Down 1%

 12-Month Stars: Avita 792%, Genetic Signatures 268%, Paradigm 236%, Clinuvel 218%

 

July 1, 2019

 

June 30 marked a 13-year reckoning for the Biotech Daily Top 40 Index (BDI-40)*, up 220.8 percent on the raw collective market capitalization, and when adjusted for comings and goings like the ASX200, it was up 339.4 percent over the 13 years to June 30, 2019.

 

The ASX200 was up 30.4 percent over 13 years, but the collective market capitalization of the three Big Caps of Cochlear, CSL and Resmed (which are not included in the BDI-40) climbed a staggering 681.3 percent from just $17,156 million in 2006 to $134,039 million.

 

Four of the BDI-20 stocks have weathered the storms of 13 years and 10 of the BDI-40 have survived the distance.

 

Clinuvel is the 13-year best, up 2,484.6 percent from $65 million in 2006 to $1,680 million on June 30, 2019, with Mesoblast up 894.4 percent from $71 million to $706 million.

 

Polynovo joined the Billion Dollar Club in June, up 817.1 percent from the then Metabolic’s $111 million, to $1,018 million on June 30, followed by Starpharma up 310.6 percent to $518 million, Circadian-Opthea (288.4%), Neuren (202.6%) and Benitec (114.3%).

 

Others have not done so well. Pharmaxis has fallen 72.3 percent from $364 million to $101 million, Alterity-Prana improved just $1 million in 13 years to $25 million, Optiscan has fallen 43.4 percent to $27 million, with Antisense up 58.3 percent to $19 million.

 

Tenacious among the surviving demotions are several 2006 BDI-40 stocks including Acrux, Alchemia, Bionomics, Genetic Technologies, Living Cell, Phosphagenics (Avecho) and Phylogica.

 

For the year to June 30, 2019 the BDI-40 was up 40.3 percent, the Big Caps were up 12.8 percent, the ASX200 improved 6.8 percent and the NBI fell 0.7 percent.

 

The BDI-20 saw 16 companies up for the year, with just four falls. The Second 20 saw just five rises for the year and 15 falls.

 

Avita was the best of the BDI-20, up 792.0 percent from $88 million 12 months ago to $785 million, followed by Genetic Signatures (268.4%), Paradigm, (236.3%), Clinuvel (218.8%), Pro Medicus (213.8%), Polynovo (189.2%), Volpara (154.6%), Telix (110.1%), Nanosonics (77.9%), Opthea (57.5%), Cyclopharm (48.5%) and Starpharma (19.9%).

 

For the year to June 30, 2019, Neuren led the BDI-20 falls, down $184 million or 61.5 percent to $115 million, followed by Ellex (13.6%), Immutep (9.6%) and Cynata (2.3%).

 

For the month of June, 12 of the BDI-20 stocks were up, with five up by more than 10 percent and eight fell. The Second 20 had five up (four by more than 10 percent) and 13 fell, of which 11 fell by more than 10 percent.

 

On the Nasdaq, Vaxart (Biota) was unchanged at $15 million, Eyepoint (Psivida) was up 3.3 percent to $248 million, Queensland’s Protagonist was up 19.2 percent to $404 million and Israel’s Redhill with Australian assets was up 12.4 percent to $263 million. Cannabis Corner’s 18 companies slipped 2.7 percent despite the addition of two new companies.

 

Amplia and Resonance will replace Airxpanders and Reva in the Second 20.

 

* The BDI-40 is selected with the assistance of Lodge Partners analyst Marc Sinatra.

 

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

 

3-Year Big Caps (Cochlear, CSL, Resmed) to Jun 30, 2019

BDI-40 ($m) v S&P ASX200 – Year to Jun 30, 2019 (current, raw data)