Think about why AVXL is less correlated to the overall market than BIIB.
Did you look at the Russell 2000? and XBI? before making your assertions?
This is a fun game...
Change perspectives and everything fits nicely.
I'll give you a clue, stocks in the Russell 2000, need to potentially raise more cash than the rest for obvious reasons.....
Hot CPI = higher for longer, so more dilution or higher debt cost, we are just there and getting hit as collateral since we are cash plentiful.