Biopharma Funds’ Rally Rides on Narrow Leadership

Big moves in a handful of biotech stocks powered April gains, but most funds continue to lag indexes in 2026.

Stephen Taub May 13, 2026

Andrey Rudakov/Bloomberg

A handful of outsized stock gains drove April returns for biopharma hedge funds, masking otherwise uneven performance.These hedge funds had a strong month, building on a recovery that began in mid‑2025. But most continue to lag broader market indexes in 2026.Affinity Healthcare Fund is setting

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