29th Oct 2019 13:27
(Alliance News) - International Biotechnology Trust PLC on Tuesday reported a lower net asset value per share at the end of its financial year, though did manage to outperform the NASDAQ Biotechnology Index.
The firm posted a pretax loss of GBP17.4 million for the financial year to August 31, versus a GBP20.0 million profit the year prior. This was due to the company booking a GBP13.9 million loss on investments held at fair value, versus at GBP21.6 million gain the year before.
The biotechnology-focused investment company's net asset value per share at the end of August stood at 623.9p, lower than the 699.0p recorded a year ago.
The firm's NAV sterling-adjusted total return for the year was minus 6.8%, while the NASDAQ Biotechnology Index posted a 9.8% decline.
"Not only did the company outperform the NBI on both a NAV per share and share price basis, but the company successfully narrowed the discount during the year, ending the year trading at a premium to NAV," the company highlighted.
Among the best performing investment in the period were Acadia Pharmaceuticals Inc, Incyte Corp and Ikano Therapeutics Inc, Ligand Pharmaceuticals Inc, Aerie Pharmaceuticals Inc and Spectrum Pharmaceuticals Inc were among the worst performers.
Shares in International Biotechnology were up 1.4% at 602.00 pence in London on Tuesday.
By Lucy Heming; [email protected]
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