Biotech Growth Trust PLC (LON:BIOG) has announced that its Fact Sheet as at 31 August 2026 is now available.
Commentary
In August, the NAV per share was +7.9%, the share price was +8.5% and the benchmark NASDAQ Biotechnology Index (net, total return, sterling adjusted) was +9.8%.
During August, the biotech sector meaningfully outperformed the broader market, rebounding from July’s pullback. Broader equity markets were driven by strong corporate earnings and waning fears over artificial intelligence spending, although
persistent inflation concerns and monetary policy uncertainty remained important counterweights.
Biotechnology regained considerable momentum during August, building on the sector’s broader recovery following a softer July. The sector received a boost following Merck and Moderna’s announcement that the Phase 3 INTerpath-001 study of
personalized mRNA cancer vaccine intismeran demonstrated statistically significant and clinically meaningful improvements in patients with melanoma. The results helped drive a meaningful influx of generalist interest into biotechnology, reinforcing the sector’s appeal as a source of differentiated growth that is relatively insulated from
potential AI-related disruption. On the regulatory front, President Trump nominated Dr. Heidi Overton to serve as FDA Commissioner, replacing former FDA chief Marty Makary, who resigned in May. Late in the month, momentum slowed down following Federal Reserve Chair Kevin Warsh’s remarks at Jackson Hole, where Warsh reiterated that inflation remained above the Federal Reserve’s target and suggested additional monetary tightening could be warranted. Underperformance during the month versus the index was due to the Company not holding shares in Moderna, which
is an index constituent. The stock was up over 150% during the month.
