Australian biotech shares soar in 2013

The Australian stock exchange achieved an average gain of 53.6% across the biotech sector in 2013, according to healthcare fund manager BioScience Managers.

These findings compare with the All Ordinaries index that increased by 14.7% over 2013 and the S&P/ASX 200 Health Care Index which increased 23.5% for the calendar year and 79.9% over the past two years.

Chief investment officer Matt McNamara said: “Despite the strength in the sector many retail investors are still nervous when considering life sciences companies. We’ve seen a surge of new listings in the US biotech scene with large price premiums and this sentiment is shared more among professional investors in Australia.”