Warning: Don't Invest If You Have Heart Problems

When Hambrecht & Quist President Daniel H. Case III recently wrote a missive to his clients on opportunities in biotech, he titled it: "now is the time to bet on biotechnology stocks." He wasn't aping e. e. cummings: He meant for the lower-case letters to signal the caution he feels. Indeed, given the negative investor psychology about biotech right now, even seasoned pros are nervous about advising clients to go near the industry.

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