These Covid Billionaire Fortunes Are Fading With the Vaccine Rollout
Bloomberg 2/24/2021 Yoojung Lee
(Bloomberg) In the health-care industry, the coronavirus pandemic led to big fortunes, fast. Now some of them are evaporating just as quickly.
Take Seegene Inc., a maker of Covid-19 test kits, and Alteogen Inc., a biotech with subcutaneous-injection technology. Their founders became billionaires as the shares surged last year. Fast forward a few months to the vaccine rollout, and they’ve lost their title after both stocks sank more than 41%, according to the Bloomberg Billionaires Index.
It’s a similar story for glovemakers in Malaysia, which counted at least five industry billionaires by August as the worsening health crisis increased demand for the protective gear. Despite a brief rebound amid last month’s frenzy in retail trading, their shares are down at least 40% since hitting highs, wiping more than $9 billion from their founders’ net worths.
[Analysis] Test kit makers shares seek rebound despite vaccine rollout
Posted : 2021-01-31 10:18
By Kim Yoo-chul
Last year, the country s benchmark KOSPI rose more than 30 percent, which was the second-largest jump among global benchmarks following Nigeria. A whopping increase in stock purchases by retail investors joined by foreign investors late last year propelled the KOSPI s total market cap to almost $2 trillion.
Medical device makers were among the country s top gainers last year because of the COVID-19 pandemic as investors displayed a voracious appetite for small-cap, health-focused stocks. Seegene Inc., for example, saw its share price rise more than 500 percent thanks to strong global demand for coronavirus test kits.