BIOTECH INVESTORS: WHEN WILL THEY EVER LEARN?

摘要

From the looks of Wall Street, you might think the biotech industry had cured cancer. Not to mention diabetes, heart disease, and obesity. The NASDAQ Biotech Index, which tracks 75 companies working on treatments for those diseases and others, has soared 44% this year, vs. an 8% gain for the Standard & Poor's 500-stock index. Much of the runup occurred in June, after Genentech Inc. and ImClone Systems Inc. unveiled promising clinical trial data on drugs to treat colon cancer.