Ebb & Flow

The European biotech sector has trended down since the beginning of the year, despite a short runup in the first three weeks. In Continental Europe, the BioCentury Europe index is now down 10% from Dec. 31. And the London group, which began to recover in February, last week took a 4.7% hit and is now down 7% year to date (see "European Biotech Still Digging").

"In the last weeks the European economies have begun to look worse than expected, which is pulling the markets down in general," said June Scott, director of Sagitta Asset Management. "And in a bear market, no low is low enough." ...