BioCentury
ARTICLE | Finance

Ebb & Flow

March 5, 2007 8:00 AM UTC

The BioCentury 100 dropped 3.5% last Tuesday, and finished the week off 7%, as equity markets worldwide reacted to the blow off in the Chinese market and jitters about the strength of the U.S. economy. But specialist buysiders took the drop in stride, largely, they said, because biotech stocks fell in tandem with the overall markets and the fundamentals of the sector are seen to be solidly in place.

On the day after the drop, Evan McCulloch of Franklin Templeton said, "we were totally unfazed by what happened yesterday." He drew comfort in the fact that "it was across the sector and across all sectors."...