This trust buys shares that can double in a day or be wiped out. The risk could be worth it
Questor is The Telegraph's stock-picking column, helping you decode the markets and offering insights on where to invest.
Back in January 2024, this column recommended that readers consider a small investment in RTW Biotech Opportunities.
Questor will readily admit that, despite the apparent bargain its shares presented on what was then a 25pc discount to net asset value (Nav), the trust has not covered itself in glory since.
Over the period, the net asset value per share has fallen from $1.90 to $1.70 (as at the end of May 2025), and the share price has dropped from $1.38 to $1.16, which means the discount has widened to 34pc. As such, it's appropriate we revisit the story and assess the outlook for the stock.
Many of the problems that RTW Biotech Opportunities has faced are affecting the entire biotech industry. Trump's picks for the top government jobs in US healthcare have unnerved some investors, but as things stand, the trust's management team is not expecting a particular impact on the sector from tariffs.
However, the big policy change hanging over the sector is drug pricing, a topic on which the administration has frequently articulated its belief that Americans are paying too much.
In addition, investors are currently wary of loss-making and unproven companies. Unfortunately, such stocks are the bread and butter of the biotech industry. Part of the buy case for the sector is the extraordinary technological leaps being achieved in drug discovery, but it takes time and money to develop and secure approval for a new treatment.
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