Still here, licking wounds. There has been a massive bail from biotech, Steve. Massive. MCDE has faired OK, relative to other companies at such an early developmental stage.
Doesn't mean I'm pleased. :-)
However, I'm a long-term biotech investor, and I'm not worried either. It's great when you can time these slams, and get back in when they're done. I have missed the last two, staying fully invested. However, having ridden throught the June/July '96 whallop, my portfolio was way up in February '97 relative to May '96. One needs faith (or a brain transplant).
We have lots of old-time, old-strategy products failing in clinicals right now. Ugly, ugly, ugly, but, IMO, healthy for the sector long-term. Why? Biotech investors will become more savvy, and the companies that have been chasing "proteins in seach of a disease" will go bye-bye, leaving only those that can bring innovative drugs to the fore that are tailored to the disease, instead of vice-versa.
This sector hit, IMO, provides a real opportunity to buy good companies/research on the cheap. However, it's so demoralizing that it may take a while for the investor to go looking. We'll see.
Cheers! Rick |
