Thread by @Biotech2k1

If it were not for the fear of another leg lower, I would be wildly bullish on biotech here. There are so many really cheap names that could have huge returns from these levels. $XBI Here is a look as how much each is down and what I think it could return to reach value.

AI Based Drug Development

$SDGR -69% and 33% upside to value
$RXRX -62% and 33% upside to value
$RLAY -56% and 25% upside to value
$EXAI - 33% since IPO

Targeted Oncology

$BPMC -21% and 21% upside to value
$MRTX -31% and 10% upside to value
$RVMD -51% and 35% upside to value
$ERAS -32% since IPO and 35% upside to value

Protein Degraders

$ARVN -7.5% and 20% upside to value
$KYMR -30% and 39% upside to value
$CCCC -35% and 69% upside to value
$GLUE -40% since IPO and 100% upside to value

Cell Therapies

$FATE -55% but its still expensive
$SANA -75% and 88% upside to value
$IPSC -42% and 35% upside to value
$CRBU -34% since IPO and 30% upside to value

Synthetic Biology

$DNA -40% since IPO and fairly valued
$TWST -67% and 33% upside to value
$AMRS -52% and 100% upside to value
$CDXS -14% and 50% upside to value
$BLI -86% and 100% upside to value

Genomics

$BEAM -29% and still expensive
$NTLA +47% and fully valued
$CRSP -61% and 12% upside to value
$NVTA -78% and 50% upside to value
$PACB -67% and 42% upside to value

Hard to not love so many of these companies at these cheap values. Yes, there are still pockets of expensive around some of the hot names. Another reason I am still a bit cautious.