If any industry has done a head-spinning turnaround recently it was biotechnology. Last week saw the Nasdaq Biotech Index spike up almost 9%. While some was given back so far this week, it was still an impressive gain against the S&P, which was close to flat. Many on Wall Street feel that some of the more speculative institutional tech money may be rotating into the biotechs, and with good reason. Many of the large cap biotech leaders trade at multiples more associated with large cap pharmaceuticals.
