Biotechs just might be getting ready to bungee-jump again. The Nasdaq Biotech Index, the main measure of biotech value, fell 5.4% in afternoon trading to 1,273, with the hardest-hit majors including Medimunne ( MEDI), down 12%, Immunex ( IMNX), down 10%, and QLT ( QLTI), down 11%. Some of the action likely reflected the move back into tech and Net shares following Motorola's ( MOT) solid earnings Wednesday and Yahoo!'s ( YHOO) strong numbers Tuesday.
| On the Upswing |
Biotechs rebounding from May's doldrums