The Biotech Daily Top 40 Index (BDI-40) continued its record-breaking run, up a further 7.2 percent in May to a collective market capitalization of $30,700 million, compared to the benchmark ASX200 up 0.5 percent to 7,702 points (see charts below).

For the year to May 31, 2024, the BDI-40 was up 51.6 percent and the ASX200 improved 8.6 percent.

The three Big Caps of Cochlear, CSL and Resmed (which are not included in the BDI-40) slipped a further 0.8 percent in May to a collective market capitalization of $201,581 million. The record high was $215,852 million on August 31, 2021

CSL’s 0.6 percent rise to $134,499 million failed to compensate for Resmed’s 4.4 percent fall to $46,129 million and Cochlear down a further 1.6 percent to $20,953 million from its February record high.

The three Big Caps were down 4.7 percent for the year to May 31, 2024.

The BDI-40 had 19 companies up, with 10 up by more than 10 percent; and 21 down, with nine down by more than 10 percent.

Pro Medicus added a further $904 million to the index, up 7.8 percent to $12,538 million; while Telix improved $286 million or 5.6 percent to $5,259 million.

The other big radio-pharmaceutical company, Clarity, was May’s best, adding $710 million or 81.6 percent to $1,580 million.

From a much lower base, Amplia was up 58.3 percent to $19 million, followed by Cynata (57.9%), Dimerix (47.8%), Medadvisor (46.7%), Syntara (26.3%) Universal Biosensors (22.9%), Percheron (17.7%), Mesoblast (12.1%) and Avita (11.2%).

Imugene led the falls, down $147 million or 23.1 percent to $490 million, followed by Resonance (21.6%), Opthea (17.8%), Actinogen (17.0%), Next Science (15.6%), Prescient (14.3%), Emvision (13.4%), Nova Eye (12.5%) and Proteomics (11.2%).

Cannabis Corner lost a further 13.8 percent in May, down 46.4 percent for the year, with five companies down, led by Zelira losing 37.5 percent to a market capitalization of $5 million and six unchanged. The only marijuana company to improve was Emyria which has been more focused on MDMA, up $5 million or 26.3 percent to $24 million.

The Nasdaq Biotechnology Index (NBI) was up 5.7 percent in May, to 4,401 points, and up 8.1 percent for the year.

Three Australian companies that moved to the Nasdaq for “better valuations”: Bionomics, Incannex and Kazia, continued to fall in May, down 18.75 percent; 5.6 percent and 14.3 percent, respectively. Eyepoint (formerly Psivida) fell 40.9 percent to $837 million - a long way from its February $2 billion valuation. Brisbane’s Protagonist recovered 8.9 percent to $2,478 million and Redhill with Australian assets was up 4.8 percent to $22 million.

Outside the BDI-40, Argenica, Aroa, Arovella, Botanix, EBR, Imricor, Mach7, Neurotech, Optiscan, Race and Recce are all vying for promotion.