Video Roundup: Young Guns of Wall Street
Taking The Pulse of Biotech
Mark Schoenebaum, Bear Stearns' biotechnology expert, has been named the best in his field by "Institutional Investor" for two years in a row.
He is cautious in the short term, but bullish long term. Schoenebaum says it has been a tough year for the big names in the field and that pricing pressure and concerns about a longer FDA approval process headwinds for the sector.
Long term he is bullish because valuations are very low and there's the potential for a new product cycle.
As for Genentech, whose stock has slumped despite second-quarter outstanding earnings, Schoenebaum says "the business is very healthy," but admits that "third-quarter results are tougher to predict."
Disclosure note: Schoenebaum and members of his family own shares of Genentech. Bear Stearns and/or its affiliates have done business with the company, as well as other biotech firms, in the past 12 months.