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Instil Bio's stock (NASDAQ: TIL) is coming off a day where the price surged by a staggering 56.69% in trading, but the pre-market action shows no sign of slowing down. Instil Bio has gained a further 11.92% in the early session, putting the latest TIL stock price at $52. This impressive ascent in stock value comes with an announcement of a major upward revision in the company’s price target by Baird, from a modest $32 to an optimistic $180. This enthusiasm primarily springs from the company's latest developments in its PD-L1xVEGF bispecific antibody, which has invigorated investor interest and affirmed a bullish market sentiment. The company's stock has now added 350% in the last month of trading, with the chart below no doubt leaving those who got in early enough pretty pleased with the recent ascent

BioPharma Dive Sign up menu Emerging biotech As biotech recovers, venture firms’ preferences appear to shift Venture investment into U.S. biotechs is back at pre-COVID levels. But firms seem more selective in the companies they favor, and some are looking toward M&A rather than IPOs for an exit. Published June 6, 2024 Gwendolyn Wu's headshot Gwendolyn Wu Reporter Post to LinkedIn Share on Facebook Post on X Print this page Email this page License this article People walk past a sign reading BIO 2024 in a conference center. People walk by an exhibition hall at San Diego’s convention center during the BIO International Convention in June 2024. Gwendolyn Wu/BioPharma Dive After a turbulent few years, 2024 has given the biotechnology industry some signs of a return to normalcy. For one, venture investment appears to have stabilized at levels seen prior to a pandemic-era spike. Data presented by the Biotechnology Innovation Organization at the group’s annual meeting this week in San Diego showed private drug companies in the U.S. raised $3.8 billion during the first quarter. Annualized, that pace would match the $15 billion venture firms invested in U.S. biotechs last year. Venture funding totaled $13 billion in 2018 and $12 billion in 2019, before surging to twice those amounts in 2021 and 2022, per BIO. “If this pace continues for the remainder of the year, we’ll have another year similar to 2023,” said Chad Wessel, a director of industry analysis for BIO, at a meeting panel. Venture capital firms are also active in raising cash, reloading for new investment in the sector. Several new groups have launched this year, including Regeneron’s venture arm and Goldman Sachs’ first life sciences fund, which raised $650 million. Established investors are busy, too: Arch Venture Partners outlined plans in February to raise $3 billion, while Canaan Partners recently added $100 million to its 13th fund. “Coming out of the pandemic, there was a hesitation on behalf of investors, governments and industry in terms of where we’re headed,” said Seema Kumar, CEO of Cure, a self-described “healthcare innovation campus” in New York affiliated with Deerfield Management. “There is new momentum. People are being more bullish about what the future holds.” Yet there have been some clear shifts in how investment is flowing into the sector. Money spent on preclinical companies has dropped even as the size of private rounds has increased overall, however, according to BIO. Data from the group also show that increasing investment in preclinical biotechs helped drive 2021 and 2022’s totals to record highs. And as less money goes into those early-stage startups, fewer of them are finding success going public, according to BioPharma Dive data. The companies pricing IPOs now tend to be clinical-stage and with management teams made up of industry veterans. “When things got really frothy from 2018 to 2021, we found ourselves defensively doing company formation, and earlier stage — things that were perhaps two years from the clinic versus our normal preference for 12 months from the clinic,” said Nina Kjellson, a general partner at Canaan.