恶哥知道这四大美人现在涨不动的原因吗？告诉你就是

All these four big biotech companies are considered to be the candidates that may acquire other smaller biotech companies. They have to spend either significant amount of cash or issue corporate bonds in order to acquire other companies.

Normally when M&A activities happens, the acquirer’s stock may go down and the acquiree’s stock may go up. Wall Street had already priced in the potential M&A activities. That’s why you see these four big biotech companies have lower PE (except CELG). In the meantime, many other biotech companies, which do not make money but are considered to be potential acquiree, have very high valuation.