Re: We got a butt kicking today..
Biotech had nominal m&a activity over the past two years which lowered valuations. Companies considering making acquisitions and those on the block were stymied by government legislative and regulatory threats, fear of government interference and low valuations. So, the money just piled up - and continues to pile up. That $200 billion gets bigger every day, not to metion stock transactions added in. So far though just a lot of stock buybacks. Fyi, daily short percentage went from 18% yesterday to 67% today. Not much actual selling but a boatload of shorting.