International Biotechnology Trust PLC - investment trust run by SV Health Managers LLP - reports net asset value as of February 28 increased to 776 pence per share from 739p per share as at August 31. Net asset value on total return was 6.9% in period, underperforming benchmark Nasdaq Biotechnology Index return of 12%. Pretax profit more than doubled year-on-year to GBP19.1 million from GBP9.3 million.
Underperformance versus benchmark attributed to unsustainably high valuations of early-stage companies with no clinical data, which International Biotechnology Trust did not invest in. Investment strategy and dividend policy remain unchanged. Company will continue to issue shares at premium to net asset value to satisfy market demand.
Current stock price: 748.00 pence
Year-to-date change: down 8.5%
By Ivan Edwards; email@example.com
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