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12:00 AM
Oct 02, 2006
 |  BioCentury  |  Finance

Hoping the end is a beginning

3Q Stock Wrap-Up

Hoping the end is a beginning

After a summer of setbacks and sluggish stock performance, biotech ended the third quarter on a strong note. The hope is that the sector will be able to ride the wave into the fourth quarter and finish the year in the black.

Biotech does have ground to make up, as it fell further behind the general indices last quarter. The BioCentury 100 was unchanged on the quarter and remains down 4% on the year. In contrast, the Dow Jones advanced 5% in the third quarter and the NASDAQ tacked on a 4% gain. For the year, the Dow is up 9% and the NASDAQ is up 2% (see "Index Performance").

Pharma had a strong third quarter, adding 7%. Nevertheless, pharma stocks continue to look cheap, as the group's average P/E ratio actually...

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