The biotech industry thrived during the pandemic. However, despite robust demand, the industry is currently pressured by macroeconomic headwinds and layoffs. Hence, let’s take a look at biotech stocks Ginkgo Bioworks Holdings, Inc. (DNA) and Novavax, Inc. (NVAX) and discuss why it’s best to steer clear of these stocks.
More than 7,000 individuals lost their jobs in biotech companies in 2022. Moreover, the sector reported 1,449 layoffs in January 2023 alone. There were 174 in the same month a year ago. So far this year, 19 biotech companies have announced job cuts.
