Ebb & Flow

The good news is that biotech almost kept pace with NASDAQ last week; the bad news is it has a ways to go to catch up with the composite on a year-to-date basis. The NASDAQ Composite added 7% and the BioCentury 100 gained 4% last week, but the BC100 is down 19% on the year, while NASDAQ is nearly above water, down only 1%.

Last week's gain was only the third weekly advance for the BC100 in the first 10 weeks of the year. The NASDAQ also has only three positive weekly moves this year, but its down weeks have been less severe. ...