M&A withered

Monday at JPM came and went without significant buyouts or deals, and so, biotech stocks fell. The sector’s most closely followed stock index was on track to close down 2%. Gene therapy developer Uniqure — high on many investors’ takeout list — was among the sector’s biggest Monday losers. 

Logically, the absence of a large M&A deal during a single, 24-hour period means very little over the course of an entire year. If buyouts come to fruition next week or next month, no one will care about a snoozy JPM Monday. But biotech investing isn’t always logical. Sentiment often drives the trading narrative. And on Monday, healt hcare investors — tipsy on high expectations — were bummed out and selling stocks.