kag i'm shocked that your experience with biotech's is that the market takes a "show me the money" attitude. my experience is very different...smallcap biotech's trade primarily on clinical data, partnerships, and FDA decisions. the vast majority of these biotech stocks are in phase 1, 2, or 3 with no revenue, yet the market awards them market caps in the hundreds of millions. they are valued at 20 - 45 times discounted PEAK market, or discounted 5 - 10 year earnings. every single analyst research report for a small to midcap biotech uses that valuation formula, whether it's merryl/morgan/lehman/etc. this is not a brick and mortar industry...biotech is all hype, speculation, and anticipation.
the large and midcap names trade both on earnings and pipeline, but they are the minority.
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