Investors have had on an on-again, off-again love affair with biotechnology for decades now. The reason for this dysfunctional relationship is not entirely clear, but it probably has something to do with the nature of the field, which holds great promise and yet requires enormous risk taking. Depending on the prevailing sentiment, the investing public has found itself at turns either entranced by, or dubious of, biotech’s prospects. As I have noted previously, these mood swings have created periodic boom and bust cycles since Genentech (NYSE: DNA - News) went public back in 1982.
