Biotech stocks are absolutely on fire. This is in part thanks to a growing U.S. economy and record U.S. stock market highs, since investors usually have a greater appetite for risk when the economy and stock market are on track. However, a substantial amount of credit is due to the biotech stocks themselves, which have remained innovative and had their valuations driven higher by investors following improved drug development prospects.
From small-cap clinical-stage biotech stocks all the way to the megacap biotech names, the results have been largely the same: big gains that have left the S&P 500 in the dust over the last four years.
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