2005 Financial Market Preview: Some room to run

Conventional wisdom is that there can be no bull market without momentum investors, and it's generally agreed that the momentum crowd exited the biotech sector in May. Nevertheless, from the second half of 2004, the group managed to run up nicely without momentum investors and as a result, the financing window rewarded both companies and investors.

Bankers polled by BioCentury think the financing opportunities will continue in 2005 because investors are making money - both on IPOs and follow-ons - in the current market. ...