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Highlights
ASX biotech shares faced several challenges in FY22.
The sector was dragged down by some negative price-sensitive updates.
But several biotech shares have begun the new financial year on a strong note.
ASX biotech shares faced several challenges in the financial year 2022. The sector faced significant losses, similar to the technology sector. The major reasons behind this fall were weak overall market sentiment and some negative price-sensitive updates by companies, which dragged the sector into the red. However, several biotech shares have begun the new financial year on a strong note. Investors would hope biotech companies do well in FY23.
Here we would see how these three ASX-listed biotech shares performed in FY22.
Telix Pharmaceuticals Ltd (ASX:TLX)
Telix Pharmaceuticals develops diagnostic and therapeutic products. Shares of Telix Pharmaceuticals ended in the red in FY22, down nearly 22%.
However, the stock has started the new financial year on a decent note, gaining from the boost it received in June. The share price has risen over 33% in the past month.
Shares of the biotech firm have gained after it entered into an agreement with Isologic Innovative Pharmaceuticals. On Tuesday, the company announced that it had “dosed the final patient and completed recruitment into the Phase III pivotal study ZIRCON of its investigational renal (kidney) cancer imaging agent TLX250-CDx.”
Mesoblast Ltd (ASX:MSB)
Mesoblast is a regenerative medicine company which provides treatments for inflammatory ailments, cardiovascular disease, and back pain. Shares of Mesoblast saw new dips in FY22 and fell as low as 61 cents on 30 June 2022.
The share price has fallen over 44% on a YTD basis. The stock is down nearly 62% in the past year.
The share price came under pressure in May this year after a former shareholder initiated legal proceedings against the company alleging that it had misled the market on its remestemcel-L label.
IDT Australia Ltd (ASX:IDT)
IDT Australia is a Melbourne-based pharmaceutical manufacturing firm. Shares of IDT Australian finished FY22 in the red, down nearly 60%.
The share price has slipped by half in the past year and is down more than 40% on a YTD basis.
IDT recently informed ASX that its submission to the Modern Manufacturing Initiative (MMI) failed to pass through for a Manufacturing Collaboration Stream Grant.
