Investors have their eye on risk and the bigger macro picture,...

Investors have their eye on risk and the bigger macro picture, but there is no question there is a ton of money building behind a dam wall. Confirmation of the Fed being done still sought I believe, but several key biotech players are moving and moving hard in the US, because they are kicking some goals, proving up their research and advancing drugs and treatments, and based on that, their valuations look ridiculously low. I think there has been an initial first wave of exuberance by those getting out the gate early, but the bulk are still not convinced.

IMU is a local example and that is now crying out as a takeover target. If PTX100 demonstrates incredible results ( and their is an argument they already have and the market is asleep at the wheel) the SP could multi-bag. That's biotech for you.