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Biotech shares are up this year, as represented by the Nasdaq Biotechnology Index (IBB), which is the industry benchmark, and the S&P Select Biotechnology Index (XBI), after a sharp decline in 2018. This is a welcome respite for biotech investors.
However, it has not been easy being a pure biotech investor and the performance of the benchmark this year is masking the struggle that biotech investing has been facing for quite some time now. The industry valuations have been tracking sideways for the last 4 years, and the Nasdaq