$Regencell Bioscience(RGC.US) rose by four points, $WUXI APPTEC(02359.HK) saw a slight increase, and $Johnson & Johnson(JNJ.US) basically didn't move.
The drivers for the three are completely on different levels: small-cap biotech relies on expectations of clinical progress, R&D outsourcing looks at overseas orders, and large pharmaceutical companies are supported by stable cash flows.
Interestingly, the ranking of elasticity is completely opposite to the market cap ranking—the smaller they are, the more they rise; the larger they are, the quieter they are. Is this risk preference sinking lower, or is it simply because small caps have thinner trading volumes, allowing the same amount of capital to push them up? 🤔
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