Wall Street’s seemingly insatiable appetite for biotechnology stocks has led to a surge in small companies from Europe listing in the U.S., where they can fetch higher valuations than in their home markets. 

Investors in the U.S. have poured more than $1 billion into European biotech companies since the start of this year, easily surpassing the $794 million raised in all of 2014. That compares with just two share issues—one initial public offering and one follow-on offering—for a total of $153 million in 2013, and none in the three previous years, according to data from Bank of New York Mellon Corp.

It is another sign that the bull run in biotech stocks is showing no sign of slowing, though investors remain divided on whether the market has become a bubble.

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