Interesting trend: Biotech underperformers are driven by neg data in rand. trials ( $GLPG, $TBIO, $APRE, $GRAY) whereas winners are either preclinical ( $BEAM, $OLMA, $SANA, $VOR) or have 1-2 responses in oncology ( $FATE, $RUBY, $PRLD) with a ratio $2B MC per confirmed response