‘Chaos’ in the biotech market has dampened hopes of a rebound. What does that mean for dealmaking and IPOs?

Stock market whiplash is dampening hopes for a comeback year in the biotech arena.

Roughly 25% of biotech stock values sank below their cash holdings last week amid sudden changes to U.S. trade policy, Bloomberg reported.

In an economic situation that’s shifting by the day, “the only thing that’s certain is uncertainty,” said David Crean, managing partner at M&A consulting firm Cardiff Advisory.