BB Biotech delivered a strong Q2 performance, with NAV outperforming the Nasdaq Biotech Index (NBI) by 3.5 percentage points in CHF. Yet the share price discount to NAV widened from 6.9% to 12.9% despite robust underlying execution. The discount has since tightened to ~10% by late July, which is in line with the average 12-month discount to the NBI.
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