What does the current biotech stock market value?

This article examined the valuations, clinical development pipelines, and core technologies of 120 biotechnology companies that completed IPOs between 2012-2014, and compared these metrics with those observed in our previous study of the biotechnology “class of 2000.” Given the unprecedented number of newly public companies, their very early stage clinical pipelines, their relatively limited capitalization, and the likelihood that the current bull market will experience a correction over the next several years, we express concern about the availability of sufficient capital to drive development of these important products.