Individual and collective

Sorting through the wreckage of the biotech financial markets is a useful exercise because it provides some insights into the nature of the industry and the kinds of attitudes that may be useful going forward.

First of all, it's about time that equity prices reflect the individual behavior of bioscience companies, including the meeting of clear product development milestones, the shrewdness of clinical trial design, the robustness of product portfolios (especially by companies already in the market), and the quality of the scientific and management underpinnings. As revenues and earnings loom closer on the horizon, it will be easier to gauge the earnings potential of a company and strike a price that reflects the reality of the situation. ...