Ionis is best avoided because major Phase 3 trials still hang over it, making it hard to size a meaningful position while controlling risk. Biotechs can drop 10-30% overnight on a negative read-through from another company's similar drug, with no chance to react, and a 1-2% position is mostly a waste of time. Biotech names are worth owning only once profitable, generating real cash and free of major Phase 3 risk. x.com 

Significant discounts to broader pharmaceutical industry valuations on projected 2031 earnings make some high-quality mid-cap biotech stocks attractive. Many have cleared Phase 3 trials or reached more advanced stages, and some may reach profitability without more capital, an advantage if financing tightens. Selling these stocks to chase speculative biotech or large pharma at historically elevated multiples makes little sense. x.com