Time is running out for Anavex and its treatment for Alzheimer’s disease

This story first appeared in Adam’s Biotech Scorecard, a subscriber-only newsletter. STAT+ subscribers can sign up here to get it delivered to their inbox.

This week’s XBI pullback is healthy. Biotech stocks cannot go up every day. The sector’s recovery off the April lows has been wonderful, but some of these stock moves, particularly among small caps, are starting to feel frothy and divorced from reality.

When seemingly everyone on BioX is patting themselves on their own backs for 20x, 30x, 50x portfolio moves, it’s time to tap the brakes.

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