Ebb & Flow

Biotech advocates can be excused for their increasing frustration. Even as the industry's leaders continue to post profits, the BioCentury 100 lost another 2% last week and fell beneath the 1300 barrier (1295) for the first time since Oct. 15, 1999.

Last week's sell off puts the BC100 down 17% so far in the second quarter, and down an uncool 32% on the year. The BioCentury London Index also is down 32%, making the normally volatile NASDAQ look like a safe haven. The NASDAQ Composite is down 17% so far this year, thanks largely to a 13% drop so far this quarter...