Leerink has restarted coverage on eight large-cap biotech stocks following a prolonged period of share price underperformance. In a new report, analyst Geoffrey Porges explained why now is the time to buy back into biotech, but investors still must be selective.

Porges pointed out that the selloff has sent many top stocks plummeting to or near all-time lows in terms of revenue and earnings multiples.

“This sell off has occurred in an environment of relatively solid operating performance and strong industry fundamentals; we remain very positive about the industry’s research productivity, returns on capital, commercial efficiency and regulatory prospects,” Porges explained.

Many of the large-cap biotech names are…

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