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Stockwatch: A Week Of Dashed Expectations

Executive Summary

Last week was another losing week in broad stock markets, driven by fears of a Brexit. The S&P 500 index was depressed by about 1% and in what is becoming an unwelcome recent trend, the NASDAQ Biotech index (NBI) underperformed the broad stock market by finishing the week down over 4%. While some of this underperformance can be attributed to risk-aversion at a time of short-term macroeconomic uncertainty, missed expectations in life science companies did not help matters.

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