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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Wallace Rivers who wrote (29089)	7/26/1999 5:18:00 PM
From: Biomaven	Read Replies (2) \| Respond to of 32384

Wallace, Let me support Henry here. In fact the BTK index has been dominated by the big first tier biotechs, which form the majority of the index. Even though it is dollar weighted on a quarterly basis, the consistent outperformance of the first tier over the past few years has swamped the smaller companies in the index. The only other available biotech index, the IXBT, is no better, because although it is much more broadly based, it is cap weighted, and thus swamped by AMGN. In fact there is no published biotech index that tells you how the "typical" biotech is doing (as does the geometrically-weighted Value Line index for most stocks). Peter