March showed some recovery from the depths of the Ukraine-Covid-China correction-spiral-dive with small falls and rises - showing the biotechnology sector is far from settled.

The Biotech Daily Top-40 Index (BDI-40) recovered 1.2 percent in March to a collective market capitalization of $16,768 million, but 9.3 percent below March 31 last year.

The Nasdaq biotechnology Index was unusually similar, up 4.25 percent in March, but down 11.8 percent for the year.

By contrast, the usually lacklustre ASX200 put on 6.4 percent in March and was up 10.4 percent for the year, while the three Big Caps of Cochlear, CSL and Resmed (which are not included in the BDI-40) rose 1.4 percent for the month and 11.9 percent for the year.

CSL climbed 3.1 percent to $129,170 million, Cochlear was up 1.1 percent to $14,821 million, while Resmed retreated 2.9 percent to $47,414 million.

Reflecting the hesitant recovery, 19 of the BDI-40 companies improved in March, with eight up by more than 10 percent; 17 fell, with just four down by more than 10 percent, and four were unchanged – all in the generally more volatile Second 20.

Micro-X was the March best, up $23 million or 30.3 percent to $99 million, following good news on the development of its portable x-ray machines and a distribution deal. Volpara recovered $38 million or 20.65 percent to $222 million, followed by Opthea (17.5%), Emvision (15.6%), Immutep (13.2%), Cyclopharm (12.5%), Actinogen (12.0%), Medical Developments (11.5%) and Polynovo (9.5%).

Telix led the falls, despite a good news flow, down $224 million or 14.65 percent to $1,305 million, followed by Antisense (13.4%), Compumedics (11.7%) and Avita (10.0%).

Outside the Top 40, Botanix leapt 51.8 percent to $85 million on a presentation and not much news, followed by 4D Medical up 21.4 percent to $250 million, Cogstate up 21.3 percent to $399 million and Resapp recovering 20.7 percent to $70 million – its highest market capitalization since September 30, 2020.

Anteo lost $148 million or 40.3 percent to $219 million, a long way from its all-time high of $815 million at April 30, 2021. Losing its chair and chief executive officer and facing a detailed ASX query probably didn’t help.

The 11 companies in Cannabis Corner slipped a collective 5.3 percent in March to $1,337 million, but 25.1 percent above March 31, 2021. Botanix was the best (see above), followed by Emyria up 19.5 percent to $92 million and Creso up 13.4 percent to $93 million; while Medlab Clinical lost 24.4 percent to $31 million, Cronos eased 12.95 percent to $168 million and Incannex shed 12.8 percent to $648 million.

On the Nasdaq, Eyepoint (formerly Psivida) was up 19.2 percent to $553 million, Redhill, with Australian assets, rose 12.0 percent to $177 million and Queensland’s Protagonist fell 0.4 percent to $1,537 million.