PCRX - A Migrating Biotech Bear
Biotech Pulse
Biotechnology is in a Bear Market.
At least the midcap and smallcap segment of it.
The S&P Biotechnology Select Index (XBI), which is weighted towards the midcap and smallcap companies, has dropped 24% from its high recorded on August 30 to its lowest point past Monday. The Nasdaq Biotechnology Index (IBB), with a greater weight towards larger cap biotech companies, dropped 18% after marking a high on October 1. For context, the broader market, represented by the Nasdaq Composite, dropped 15%.
Biotech stocks are inherently volatile and become more