$Eli Lilly(LLY.US) and $Pfizer(PFE.US) both saw slight gains, while $Moderna(MRNA.US) dropped by seven to eight points, and $SPDR S&P Biotech(XBI.US) also dipped slightly.
On the same day, big pharma and Biotech moved in two different worlds: defensive capital bought cash flow and pipeline certainty, while selling growth stories that still burn cash; the mRNA platform was sold off along with it.
With such divergence, either there's a mispricing opportunity in Biotech, or crowding is building up in big pharma. Which side are you on?
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