Divergent biotech equity markets in 2022

The year 2022 saw volatile market conditions for global equity and bond markets, with substantial stepwise increases in central bank rates, led by the US Federal Reserve Bank. Flight from growth into value sectors and into diversified, large, profitable companies was a major theme for 2022. In the heterogenous biotechnology sector, large cap companies gained value throughout 2022 whereas pipeline-dependent small and mid cap companies experienced significant corrections.