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STOCKWATCH: Echoes from the last biotech bubble

This article was originally published in Scrip

Executive Summary

Broad stock markets seem to be schizophrenic; flitting between the worry of a tapering of quantitative easing in the US, a credit crunch in China, and then just ignoring all those issues. The US biotechnology sector mirrors this duality but for different reasons with the NASDAQ Biotech index (NBI) being off almost 7% from its mid-May peak, but IPOs and secondary offerings still flood the market.

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