Biotech Values

[poorgradstudent]

Isn't this last paragraph really reality with respect to biotech investing?

So drug X is in phase III... it might fail. It succeeds in phase III, but will the company properly document the NDA for approval? It gets approved, but can the company effectively sell it?

This sliding scale of arguments is actually very valid. I laugh when investors think that such questions signify increasing levels of desperation by those evil hedge funds.