Biotechnology Outperforms YTD, Goldman Sachs Reports (BIIB)

“The outperformance has largely been led by the SMIDs, which in our coverage are up 45% YTD vs. 11% for large caps (and 4% excluding outlier Biogen Idec Inc. BIIB), where the new product story has increasingly become better and has the potential to drive sustainable growth bringing excitement back to Biotech,” Goldman Sachs writes. “In large caps (with exception of BIIB), we see limited sustainable upside as stories are increasingly reliant on beating Street expectations (1Q shows the hurdle is high) and capital allocation.” Biogen Idec closed Friday at $97.65.