12:00 AM
Jan 07, 2008
 |  BioCentury  |  Finance

Small cap blues

4Q Stock Wrap-Up

Small cap blues

While investors were hoping for some upward momentum going into the new year, the BioCentury 100 index shed 1% in 4Q07 amid a turbulent broader market that was driven by economic concerns. Small caps were particularly hard-hit, with companies valued under $500 million taking double-digit losses (see "Results by Market Cap").

Nevertheless, the BioCentury benchmark managed to close the year up 12%, built on gains in the second and third quarters. The index outperformed NASDAQ, which finished up 10%, as well as the S&P and Dow Jones, which ended up 4% and 6%, respectively (see "Index Performance").

European biotech, however, took a nosedive last quarter, deepening losses accrued earlier in the year. Unlike the BioCentury 100, the BioCentury Europe and BioCentury London indices are dominated by small cap stocks and shed 14% and 22%, respectively, in 4Q. On the year, the continental index lost 18%, although it...

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