Over the past month, every time I hear or read an article about the biotech pullback, I hear the same advice over and over - buy the large biotechs with earnings and stay away from small biotech with no marketed products. The same "safe" names come up repeatedly: Gilead, Biogen, Celgene, Amgen. Don't get me wrong, these are exceptional companies and their shares do look attractive, but this is not an article about making a bull or bear case for these large biotechs. Instead, let's focus on the small biotechs, some with no products and no earnings. The share price of many of these companies have been crushed as the change in sentiment has hit this sector doubly hard: the...
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