Buysiders are viewing 3Q13 as a relatively quiet quarter punctuated by some important clinical and commercial milestones for a few of biotech's bigger names, notably Celgene Corp. and Biogen Idec Inc.

The under $200 million market cap companies did not perform as well last quarter as their bigger brethren and the environment is unlikely to become any less challenging as some investors may look to lock in recent gains rather than taking on increased risk in search of returns.