The article in the Wall Street journal described the position of biotechnology firms in a past few decades.

It also described the type of returns this industry has been giving to the investors and what the expectation might be for future. Along with that, the article also pin points some companies that has been outperforming the low return cycle of the whole biotechnology industry. After reading the article, it can be certainly evaluated that there is a behavioral phenomenon involved in the issues raised in the article. It phenomenon is majorly the biotechnology industry even though it has been a mix of successes and failures in past few decades. The author is amazed that after being such an underdog, how the industry has been managing to raise equity to such extent in past few years. There has been low of other analysis and views that describes the behavioral phenomenon of the facts and analysis presented in the article. Another, fact described in such regard is how even the Federal and treasury bonds have been successful in giving more returns to its investors as compared to the firms in biotechnology industry. All these facts highly explain the phenomenon that has been highlighted in the article.