Small-cap biotechnology companies are on track for the worst 12 months in more than 15 years when compared with their large-cap biotech peers, according to Raymond James analysts. Small-cap biotechs outperformed large-cap biotechs in only one month-August-out of the past 12 months. “The current confluence of factors negatively impacting the biotech sector has been staggering,” the analysts wrote in a note on Tuesday. “Biotech sector quant factors are suggesting we are at a cyclical low only matched by the [global financial crisis].” Over the past year, the iShares Biotechnology ETF is down 22.7%, and the SPDR S&P Biotech ETF has tumbled 44.5%, while the broader S&P 500 SPX has declined 10.5%.
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