OREANDA-NEWS. The Biotech Growth Trust (BIOG) is an established specialist investor in the worldwide biotechnology industry. Biotech has performed strongly in the three years to 31 January, with the benchmark NASDAQ Biotech index producing a total return of 195% and BIOG achieving NAV total returns of 223%. However, the managers point to valuations for major biotech stocks that compare favourably with big pharmaceutical firms, and greater potential earnings growth, as evidence that relative value still remains. Scientific advances and a more favourable regulatory environment are feeding through into a healthy drug pipeline. BIOG's shares currently trade close to par, with buybacks used if the discount to NAV exceeds 6%.