4Q Financial Markets Preview: Watershed moment

If biotech companies hit their milestones this quarter, the resulting stock upticks and opportunities to raise money could support both companies and investors for years. On the other hand, if things go wrong, generalists could be scared off for a long time. Either way, the quarter is going to be a big one for the industry.

For specialist buysiders, the best-case scenario is that mid-cap biotechs gain a foothold, aided by product approvals, strong launches and increased M&A...