It's not yet time to panic. The timing of the bloodbath of two weeks ago, and the general downturn in the bioscience sector since mid-May, couldn't have been predicted with precision. But a downturn was to be expected after the long runup in the group.

Even after declining 12 percent in the past five weeks, the close of the BioCentury 100 Price Level at 1355 on Friday still puts it 42 percent above its August 1995 level when the rally begin. The Price Level, which includes both large and smaller cap stocks, ended the quarter where it began.