THE BIOTECH BLUES

Biotechnology slumped badlylast year, with the AMEX biotechnologyindex down an unhealthy38%. Shares in many companies arenow selling for less than cash value,and in the currently dormant initialmarket, biotechs that haven't alreadygone public may not get the chance.According to some estimates, theaverage privately held biotech firmwill run out of cash before the year isout. But risk-lovers say it's time totake another look at biotech. Thesector has always been subject tohuge boom-bust cycles, and duringthe last boom, back in 1999, biotechstocks doubled and added stellargains the following year. If you wantto try a ride on this roller coaster,one analyst's pick to play the sectoris the no-load Pimco RCMBiotechnology D fund (800-227-7337; www.pimcofunds.com).