Despite the US and Israel war on Iran and the oil restrictions caused by the Strait of Hormuz not Hormuzing, the Biotech Daily Top 40 Index (BDI-40) climbed 2.2 percent in March to a collective market capitalization of $19,284 million.

The four Big Caps fell to their lowest collective market capitalization since July 31, 2019, down a further 7.7 percent to $138,147 million. Cochlear fell the deepest, down 14.9 percent to $11,059 million, followed by Resmed down 11.2 percent to $46,643 million, Pro Medicus down 8.4 percent to $12,213 million and CSL down 3.7 percent to $66,232 million - its lowest market capitalization since the end of January 2018.

The benchmark ASX200 fell 7.8 percent to 8,482 points, in March, while the Nasdaq Biotechnology Index (NBI) shed 3.3 percent to 5,839 points.

For the year to April 1, the ASX200 was up 8.15 percent, the NBI was up 37.6 percent, while the four Big Caps lost 34.2 percent and the BDI-40 fell 11.6 percent.

But the true disaster is in the detail. While 4D Medical and Telix added $2,077 million to the BDI-40, it was the worst month of falls since records began.

Nine companies rose, with six up by more than 10 percent; while 30 of the 40 stocks fell, with a record 25 down by more than 10 percent, and 14 by more than 20 percent.

Amplia was easily the best of the nine, up $59 million or 95.2 percent to $121 million, followed by SDI up 40.95 percent on the Beijing Guoci $1.40 a share offer, valuing the company at $166.4 million, with 4D Medical up 39.5 percent, Telix (33.9%), Optiscan (23.6%) and Nanosonics (15.4%), Starpharma (2.1%), Paradigm (1.75%) and Cyclopharm (1.0%).

Immutep led the falls, on very disappointing trial results, down $513 million or 88.1 percent to $69 million, followed by Prescient (40.3%), Imugene (37.7%), Dimerix (36.8%), Micro-X (25.9%), Botanix (25.6%), Curvebeam (25.0%), Avita (24.3%), Nova Eye (20.9%), Lumos (19.7%), Cynata (17.2%), EBR (16.9%), Orthocell (15.9%), Compumedics (15.2%), Atomo (15.15%), Actinogen (14.1%), Clarity (13.8%), Neuren (12.1%), Medical Developments (12.0%), Imricor (11.6%), Impedimed (11.4%), Aroa (10.8%), Mesoblast (10.8%), Emvision (10.4%), and Clinuvel (10.3%).

The 11 companies in Cannabis, Psychedelics and MDMA Corner fell 3.7 percent to $316 million, but were up 22.0 percent for the year.

Only Bioxyne climbed in March, up 6.7 percent to $143 million, with eight companies down - six falling more than 10 percent - and two unchanged.

Outside the BDI-40, Echo IQ rose 47.5 percent to $599 million, its highest valuation since listing. The company has been climbing consistently since the end of 2025 when it posted “exceptional results from [its] validation study for Echosolv HF” for heart failure decision-making, followed by lodging its US Food and Drug Administration application and last week’s distribution agreement with the Rochester, Minnesota-based Mayo Clinic, pending FDA approval.