MH, I use to trade the biotechs. About 2-3 years ago I reviewed my losses for the previous two years and found that most were coming from these guys. I then took them all of my watchlist and have not traded a one since. I had some great winners that kept me playing but losers were killing me.
Of course I have no idea what these guys do or how they make money. I had no way a placing a value on them. You seem to have a grip on that and I am sure would have better success. For me it was one industry to stay away from. I like the health industry dynamics going forward, just not the biotechs.
Just thought I would relay my personal experience.
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