Yes, you are correct. but this year,

the four beautiful girls had significantly under performed many hot biotech stocks due to the reason I cited previously. However, the smaller hot biotech stocks are quite risky. For example, BLUE had dropped 30% from its high recently due the scaling back of a collaboration deal with CELG. ESPR had dropped 50% due to the unhappy news to its drug.

My opinion to these four beauties is that they may not go significant higher this year if the M&A activities are not clear. You can see the example of GILD. (GILD went up higher significantly a couple of months early after it announced not to spend $45 billion to acquire VRTX.)