I think alot of investors are seeing sky high asset prices as being risky with rates going up. This might assist the biotech sector which lives off government spending and sick people. Both of these are in no short supply, especially in the USA.
Small biotechs that have drug pipelines already in human trials represents and more appealing risk profile to investors seeking capital gains and growth. The ATM program has only just begun and is yet to fill the total capital funding goal. I will reserve judgement and praise or criticism until after the program meets the funding target.
