First quarter stock report: Rules for capital rationing

Only the strong survive could become the grim cliche for biotech companies struggling to keep afloat in the current capital rationing environment, as investors reward the more robust balance sheets with more money and shun many of those that have never had sufficient funds to aggressively pursue their objectives.

The continued sorry state of the market for biotech stocks will likely reinforce that trend. March went out like a (sacrificial) lamb in the wake of market-wide jitters over interest rates, with only four of The BioCentury 100 companies showing gains last week. ...