12:00 AM
Jan 01, 2007
 |  BioCentury  |  Finance

Collective gain; individual pain

4Q Stock Wrap-Up

Collective gain; individual pain

Going into the fourth quarter, biotech industry watchers were split into two camps about how the year would end. One group felt that the lackluster performance in the middle six months would persist, while the other camp argued that depressed valuations and the slowdown in financing activity meant that investors could outstrip the supply of paper, thus positioning the sector for a typical end-of-year surge.

Fortunately, the optimists were right, and biotech finished on a strong note, despite a spate of individual blowups. Indeed, the BioCentury 100 index jumped 9% in 4Q06, outpacing the broader markets. Both the NASDAQ Composite and the Dow Jones added 7% in the quarter.

The laggards in the last three months were the pharma sector, as the AMEX Pharma Index dipped 2%, and U.K....

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