Researchers as well as analysts maintain that the industry's idiosyncrasies make Wall Street unnecessarily cautious
After two years of a bear market, biotechnology analysts, industry officials, and researchers say they have learned some painful lessons about biotech investment, the lifeblood of the young industry.

While theories vary on the reasons for what has been an erratic, often-wildly unpredictable market, many veteran industry observers cite two important and related factors: Investors really don't understand the science on which biotech is based or the nature of the regulation process it must go through; and the biotech industry itself does not conform to the rules and customs of Wall Street.

Given the millions of dollars required for research and development of a single drug, many industry observers feel it is imperative for biotech scientists and research administrators to educate the investing public about their work and the nuances of Food and Drug Administration...

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