Stockwatch: More than one born every minute
This article was originally published in Scrip
As stock markets continue their retreat after the bull market which started in 2002, investors in biotechnology stocks have more than one reason to assume to a ‘risk-off’ stance.
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Last week was another losing week in broad stock markets, driven by fears of a Brexit. The S&P 500 index was depressed by about 1% and in what is becoming an unwelcome recent trend, the NASDAQ Biotech index (NBI) underperformed the broad stock market by finishing the week down over 4%. While some of this underperformance can be attributed to risk-aversion at a time of short-term macroeconomic uncertainty, missed expectations in life science companies did not help matters.
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