STAT+ is a biotech roundup of first-quarter results that tracks 26 stocks that are moving. This report serves as a regular ledger of biotech events affecting stocks. In 2023, biotech stocks lagged significantly behind the broader market and failed to meet expectations for a comeback. The XBI fell more than 10%, while the S&P 500 rose about 13%. Private companies have struggled to raise new capital without falling in valuation, and biotech IPOs have been rare with inconsistent returns. The main problem is that mainstream investors have been put off biotech by high interest rates and the success of drugs like Wego's with big pharma. The sector goes through boom and bust cycles, but predicting change is difficult.