BWX Technologies, Inc.

**Signal Note: Driehaus Capital initiates BWXT position** Driehaus Capital's $22.5M entry into BWX Technologies signals conviction in the defense/nuclear contractor's biotech-adjacent growth, though BWXT is primarily a government contractor (medical isotopes, nuclear components) rather than a clinical-stage biotech play. The position likely reflects confidence in BWXT's medical isotope business (molybdenum-99 production) and nuclear medicine demand tailwinds, rather than a specific drug catalyst. This is an atypical move for a growth-focused biotech allocator and warrants monitoring for any unannounced partnerships or acquisitions in precision medicine/diagnostics.