Biotech Analyst's Comments on Yellen's Remarks-Part 2
Schoenbaum called biotech is "a large, large sector" with hundreds of companies, "most of which have no profits and no earnings. They're basically options vehicles based on a drug that will report data out in a few months. And certainly, in 2012 and 2013, it was an unprecedented bull run in biotech. For some of those stocks, there's probably too much optimism baked in.
"But of course, in the giant universe of biotech stocks, you're going to find stocks that are overvalued and you're going to find some that are undervalued."
Schoenbaum added that he didn't see a bubble.
"Overall, I don't think the data suggest that we're in for a giant crash," he said.