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Biotech IPOs Are a Mixed Bag for Hedge Funds

A recent spate of biotech company IPOs has yielded some early winners and losers.

This has been a hot year for biotechnology IPOs — many of which counted hedge funds among their investors when the companies were private.However, their stock performance has thus far been mixed, underscoring the speculative nature of biotech companies’ stocks, as well as their ability to turn drug development into

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