Dressed in black

Every single market cap band finished in the black in 3Q16, a feat not accomplished since the first quarter of 2014. M&A and a string of positive clinical and regulatory news fueled the 3Q16 rally for companies of all sizes.

After a six-month funk, big cap biotechs returned to form and posted an 8.7% gain in 3Q16. Medivation Inc. paced the big caps in what was its swan song as a stand-alone company. The cancer play ended the quarter up 35%, edging out Seattle Genetics Inc. for the top spot thanks to Pfizer Inc. The pharma bought Medivation for $14 billion in cash in a deal that closed Friday...