Biotech IPOs Are Booming — But It’s Not All About Covid-19

Health care companies and governments are racing to find a vaccine or other effective treatment for Covid-19 — so investors have been piling into stocks like Gilead Sciences (GILD), Moderna (MRNA) and Novavax (NVAX).

But a biotech boom is also taking place in the initial public offering market. Several recent biotech IPOs have soared since their debuts — even though not a single one of them is working on coronavirus drugs.