Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences
By Dr Martin Hall
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability. Despite this, some companies can still make extremely attractive returns for investors. However, although pharmaceutical, biotech and healthcare industries have defensive qualities, they are not immune from global economics.
Furthermore, the development and commercialisation of new drugs and medical technologies is capital-intensive. Given the interlink between inflation and interest rates, coupled with the increased risk-aversion of investors since the middle of 2022, there has been a financing crunch, which particularly affects smaller companies at the earlier stages of drug discovery and development with less robust financial profiles.
Specific comments have been made in this report on the following companies:
Allergy Therapeutics (AGY) page 8
4basebio (4BB) page 9
BenevolentAI (BAI) page 11
Fusion Antibodies (FAB) page 9
Futura Medical (FUM) page 10
Genedrive GDR 11
OXB (OXB) page 9
Polarean Imaging (POLX) page 10
Silence Therapeutics (SLN) page 11
ValiRx (VAL) page 10

10 Jan 2025
Hardman & Co Monthly: January 2025
Venture Life Group Plc (VLG:LON), 41.0 | ValiRx PLC (VAL:LON), 0.5 | Tristel Plc (TSTL:LON), 360 | Tissue Regenix Group plc (TRX:LON), 32.0 | Syncona Ltd GBP (SYNC:LON), 91.4 | Surgical Innovations Group plc (SUN:LON), 0.6 | Spire Healthcare Group PLC (SPI:LON), 193 | Smith & Nephew plc (SN:LON), 1,078 | SkinBioTherapeutics Plc (SBTX:LON), 23.2 | Silence Therapeutics PLC Sponsored ADR (SLN:NAS), 0 | Shield Therapeutics Plc (STX:LON), 2.4 | SDI Group plc (SDI:LON), 54.0 | Scancell Holdings Plc (SCLP:LON), 10.2 | Sareum Holdings plc (SAR:LON), 17.0 | Proteome Sciences plc (PRM:LON), 2.7 | Primary Health Properties PLC (PHP:LON), 103 | Polarean Imaging Plc (POLX:LON), 1.1 | Oxford Nanopore Technologies Plc (ONT:LON), 124 | 4basebio PLC (4BB:LON), 1,125 | Abingdon Health PLC (ABDX:LON), 6.0 | accesso Technology Group Plc (ACSO:LON), 483 | Advanced Medical Solutions Group plc (AMS:LON), 199 | Apax Global Alpha Ltd. (APAX:LON), 118 | Arbuthnot Banking Group PLC (ARBB:LON), 922 | Arecor Therapeutics PLC (AREC:LON), 38.0 | Cambridge Nutritional Sciences PLC (CNSL:LON), 2.7 | ConvaTec Group Plc (CTEC:LON), 260 | Creo Medical Group Plc (CREO:LON), 10.6 | Eco Animal Health Group PLC (EAH:LON), 69.5 | EKF Diagnostics Holdings plc (EKF:LON), 21.8 | Fusion Antibodies Plc (FAB:LON), 6.5 | H&T Group plc (HAT:LON), 404 | hVIVO plc (HVO:LON), 18.5 | Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh (IMCR:NAS), 0 | Indivior PLC (INDV:LON), 888 | IP Group plc (IPO:LON), 43.4 | IXICO Plc (IXI:LON), 9.0 | Synairgen plc (SYGGF:OTC), 0

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Hardman & Co Monthly: January 2025
Venture Life Group Plc (VLG:LON), 41.0 | ValiRx PLC (VAL:LON), 0.5 | Tristel Plc (TSTL:LON), 360 | Tissue Regenix Group plc (TRX:LON), 32.0 | Syncona Ltd GBP (SYNC:LON), 91.4 | Surgical Innovations Group plc (SUN:LON), 0.6 | Spire Healthcare Group PLC (SPI:LON), 193 | Smith & Nephew plc (SN:LON), 1,078 | SkinBioTherapeutics Plc (SBTX:LON), 23.2 | Silence Therapeutics PLC Sponsored ADR (SLN:NAS), 0 | Shield Therapeutics Plc (STX:LON), 2.4 | SDI Group plc (SDI:LON), 54.0 | Scancell Holdings Plc (SCLP:LON), 10.2 | Sareum Holdings plc (SAR:LON), 17.0 | Proteome Sciences plc (PRM:LON), 2.7 | Primary Health Properties PLC (PHP:LON), 103 | Polarean Imaging Plc (POLX:LON), 1.1 | Oxford Nanopore Technologies Plc (ONT:LON), 124 | 4basebio PLC (4BB:LON), 1,125 | Abingdon Health PLC (ABDX:LON), 6.0 | accesso Technology Group Plc (ACSO:LON), 483 | Advanced Medical Solutions Group plc (AMS:LON), 199 | Apax Global Alpha Ltd. (APAX:LON), 118 | Arbuthnot Banking Group PLC (ARBB:LON), 922 | Arecor Therapeutics PLC (AREC:LON), 38.0 | Cambridge Nutritional Sciences PLC (CNSL:LON), 2.7 | ConvaTec Group Plc (CTEC:LON), 260 | Creo Medical Group Plc (CREO:LON), 10.6 | Eco Animal Health Group PLC (EAH:LON), 69.5 | EKF Diagnostics Holdings plc (EKF:LON), 21.8 | Fusion Antibodies Plc (FAB:LON), 6.5 | H&T Group plc (HAT:LON), 404 | hVIVO plc (HVO:LON), 18.5 | Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh (IMCR:NAS), 0 | Indivior PLC (INDV:LON), 888 | IP Group plc (IPO:LON), 43.4 | IXICO Plc (IXI:LON), 9.0 | Synairgen plc (SYGGF:OTC), 0
- Published:
10 Jan 2025 -
Author:
Brian Moretta | Martin Hall | Mark Thomas | Richard Jeans -
Pages:
28 -
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences
By Dr Martin Hall
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability. Despite this, some companies can still make extremely attractive returns for investors. However, although pharmaceutical, biotech and healthcare industries have defensive qualities, they are not immune from global economics.
Furthermore, the development and commercialisation of new drugs and medical technologies is capital-intensive. Given the interlink between inflation and interest rates, coupled with the increased risk-aversion of investors since the middle of 2022, there has been a financing crunch, which particularly affects smaller companies at the earlier stages of drug discovery and development with less robust financial profiles.
Specific comments have been made in this report on the following companies:
Allergy Therapeutics (AGY) page 8
4basebio (4BB) page 9
BenevolentAI (BAI) page 11
Fusion Antibodies (FAB) page 9
Futura Medical (FUM) page 10
Genedrive GDR 11
OXB (OXB) page 9
Polarean Imaging (POLX) page 10
Silence Therapeutics (SLN) page 11
ValiRx (VAL) page 10