STAT+: On Wall Street, there’s trouble stirring for biotech

Many investors are losing money in what, on the surface, still seems like a positive year Adam Feuerstein/STAT Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54. This story first appeared in Adam’s Biotech Scorecard, a STAT newsletter. Sign up here to get it delivered to your inbox. And subscribe to STAT+ to get an unabridged version, with exclusive content. Biotech investors were happy with the way the year was turning out. Then summer ended, and now, they are glum. The XBI is still up 24%, although it’s down 11% from the August high. The retreat doesn’t look that alarming relative to the depths of the biotech winter experienced in early 2025. The real trouble, and the reason for investor angst, lies below the surface of the XBI’s performance. STAT+ Exclusive Story Already have an account? Log in This article is exclusive to STAT+ subscribers Unlock this article — plus in-depth analysis, newsletters, premium events, and news alerts. Already have an account? Log in View All Plans To read the rest of this story subscribe to STAT+. Subscribe Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54.