Good morning, everyone! Dylan Jovine here from Behind the Markets, and happy Christmas Eve! It’s one of the most exciting times of the year, especially if you have young kids or grandkids. As we count down to the holiday, I’m continuing our annual review—today focusing on Biotech Insider. Let’s take a look at how 2024 unfolded and reflect on the lessons learned from the highs and the lows.

This year, Biotech Insider averaged a 48.68% gain on all closed trades. While that’s an impressive result, it’s near our historical average of 48.28% since 2018. The year started strong with massive wins like Immunogen (+449%), Altimmune (+150%), and Viking (+190%). But it ended on a tougher note, with significant losses on Pacific Biosciences (-92%), Alector (-57%), and Beam (-45%). It’s a classic case of the feast-or-famine nature of biotech investing—big wins balanced by painful losses.

Investing in biotech is a lot like venture capital. You’re taking calculated risks on companies in the late stage two or early stage three of drug development, often before they even have a product on the market. It’s risky, but the rewards can be extraordinary. Over the past seven years, Biotech Insider has delivered an average annual return of nearly 50%. While some years were sour (like 2021 at -4.7%), the long-term perspective reveals just how special these returns are.

Bear markets in biotech aren’t new to us, and we’ve weathered tough times before. With patience, perspective, and a disciplined approach, we’ll navigate this and emerge stronger. Thank you to everyone who’s been on this journey with us. Have a wonderful Tuesday, and enjoy your holiday celebrations tomorrow!

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