A dozen biotech firms have floated initial public offerings so far this year, and the stocks have outperformed the Nasdaq Composite Index since the first quarter of 2011. IPOs can help young companies survive and expand research capacity, and rising confidence can attract money from investors who do not specialize in health care. An overall sluggish economy might be helping the biotech sector, where "earnings tend to grow independently of the economy, unlike electronics or consumer products," said Eric Schmidt, an analyst at investment bank Cowen and Company.
Investors renew interest in biotech amid sluggish economy
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