Who wants biotech?

Indicators of demand for biotech stocks remained in the doldrums last week when Ariad Pharmaceuticals and Targeted Genetics managed to eke out only $15 million and $12 million respectively in their IPOs, falling $20 million short of their combined funding target of $47 million.

In last week's Commentary, we noted that demand for biotechnology shares had become faint. But we also pointed out that

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