Micro signs of life

Biotech continued to display the characteristics of a defensive sector last quarter, although many shareholders would have struggled to make money from the group, as all the indices were in negative territory. Nevertheless, only half the 568 public biotech companies tracked by BioCentury posted share price declines over the quarter, indicating there was money to be made by making the right picks.

The BioCentury 100 was off 3.9%, while the S&P 500 and Dow Jones indices slipped 11.7% and 13.3%, respectively (see "Index Performance," & "London vs. Europe")...