>>What happened yesterday is unrelated to the biotech sector
No, that is going much too far. Most biotechs share finance risk - if the market is in a mood where they don't want to pony up money, then all development stage biotechs will go down.
Further, as I said in my other post, all valuations are comparative. So if Netflix is suddenly cheaper (without change in fundamentals) then it becomes a comparatively more attractive stock than your unchanged biotech.
So it is appropriate that biotechs have a positive beta - I just happen to think the beta awarded by the market is much too high.
Peter
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