The BDI-40 fell 9.7 percent in July, following its previous month’s 11.35 percent climb – in part because some stocks fell from recent highs. The collective market capitalization of the BDI-40 was $18,892 million; the benchmark ASX200 was up 2.3 percent to 8,977 points; and the Nasdaq Biotechnology Index (NBI) fell 1.7 percent to 6,453 points.

The collective market capitalization of the four Big Caps of Cochlear, CSL, Pro Medicus and Resmed, which are not included in the Biotech Daily Top 40 Index (BDI-40), continued to improve from the Cochlear and CSL tumbles, up 2.5 percent to $129,016 million at the end of July, but 47.9 percent below the $247,770 million, a year ago.

Last month’s 56.3 percent best, Pro Medicus, was the only one of the four Big Caps to fall, down $4,464 million or 21.0 percent to $16,788 million. CSL recovered $6,317 million or 11.5 percent to $61,267 million, Resmed was up $1,260 million or 3.0 percent to $42,969 million, with Cochlear up $30 million or 0.4 percent to $7,992 million.

For the year to July 31, 2026, the ASX200 was up 2.7 percent, while the BDI-40 fell 12.6 percent, the Big Caps lost 47.9 percent and the NBI was up 44.7 percent.

Seventeen of the BDI-40 companies were up, in July, with 10 up by more than 10 percent, and four up by more than 30 percent; while 21 fell, of which 12 fell by more than 10 percent. Two were unchanged.

July saw many small falls and small rises with some of the most volatile from small bases.

Resonance was July’s best, up $10 million or 47.6 percent to $31 million, followed by Prescient (39.1%), Actinogen (33.9%), Syntara (30.8%), Cyclopharm (27.1%), Proteomics (26.3%), Nova Eye (23.3%), Optiscan (20.8%), Dimerix (19.5%) and Medical Developments (15.6%).

Artrya led the falls, down $337 million or 33.9 percent to $657 million, followed by 4D Medical shedding $782 million or 28.9 percent to $1,925 million, Micro-X (26.9%), EBR (25.85%), Curvebeam (25.0%), Alcidion (16.3%), Telix (15.0% or $846 million), Immutep (12.8%), Imugene (12.5%), Racura (12.2%), Compumedics (11.8%) and Impedimed (11.1%).

Outside the BDI-40, Cervyn (Opthea) lost 23.8 percent, down 98.05 percent since its trial trading halt a year ago. Inoviq lost 64.9 percent on news of unusable samples, and while Anteris eased 17.8 percent in July, it was up 494.6 percent for the year.

Two newish companies, Tetratherix and Vitrafy were up 4.5 percent and 17.6 percent, respectively, in July, but 56.1 percent and 154.3 percent for the year. Similarly, Blinklab was up 8.4 percent for the month, but 90.7 percent for the year. PYC edged up 0.9 percent in July, but was up 131.3 percent for the year to July 31, 2026.

Cannabis and psychedelic companies fell 5.6 percent in July to $425 million. Six companies had small gains, three fell, led by Cann Group losing 50 percent to a market capitalization of $4 million and two were unchanged. On the Nasdaq, Queensland’s Protagonist was up 9.6 percent in July, but 140.4 percent to $12,496 million for the year.