We are still short many small cap bios - but I think we will see a decent buy op in about 2 months come September/October time - maybe as early as August, but since I dont have a crystal ball I just watch until it seems liek its time to act.
Overall I still think the biotech area is over valued and we will see another 20% lower before the summer is out in most names, especially the ones that were up 100%+++ from last March. It will be liquidity driven - not fundamental (sellers can't/won't have bidders to sell into) so when it does snap back it will be quicker then normal (liquidity driven sell off ALWAYS bounce faster then the normal turn arounds.
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