Buysiders remain bullish on biotech but enter 2Q13 looking for signs that the market's four-year bull run may be topping out. They suggest companies - which have been spending cash as fast as they have been raising it - should take advantage of the sellers' market while it lasts.

Biotechs have been raising money hand over fist for several quarters in a row, including more than $780 million that was raised on Jan. 16 alone through follow-ons by cancer company Onyx Pharmaceuticals Inc. and RNAi play Alnylam Pharmaceuticals Inc.; and a share and note deal by pulmonary and fibrotic disease company InterMune Inc.