12th Feb 2014 12:59
LONDON (Alliance News) - The Biotech Growth Trust PLC Wednesday said its net asset value rise beat that of its benchmark in the final three months of 2013 as its holdings in Fluidigm and Incyte paid off, but has since lost a bit of ground.
Net asset value rose by 8.2% in the three months to December 31, 2013, compared with a 5.6% rise in the NASDAQ Biotechnology Index measured in sterling. From the period-end to February 7, the company's net asset value rose by 9.6% and the share price rose by 8.5%, compared with a 9.7% increase in the benchmark.
"Shares of Fluidigm appreciated due to strong financial performance and increased guidance," the trust said in a statement.
"Additionally, investor enthusiasm has increased for the recently launched application of their single-cell genome analysis for whole genome sequencing," it added.
Meanwhile, it said Incyte shares rose in value because of "encouraging results for their IDO inhibitor".
The IDO inhibitor is currently in phase I trials. It is an immunotherapy for cancer, which has become an area of great interest to investors.
Biotech Growth Trust shares were Wednesday quoted at 514.00 pence, up 1.00 pence, or 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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